Islamabad: The federal government has announced its decision to issue several Chinese currency-denominated bonds worth USD 1 billion in the former’s bid to access China’s capital markets, according to news sources.
The issuance of these maiden renminbi-denominated ‘Panda Bonds’ was approved in a cabinet meeting, presided over by Prime Minister (PM) Imran Khan. The Ministry of Finance has not sought the cabinet’s approval for the bond size for this initial phase and expects to raise USD 500 million to USD 1 billion in different tranches; one of which is expected to take place in the current fiscal year (2019-20).
The president and chief executive officer of Habib Bank Limited (HBL) said in a press briefing that Pakistan was moving closer to initiate the Chinese bond sale, which would be the government’s first-ever attempt to assess the Chinese capital market; which happens to be the third-largest bond market in the world.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
