Pakistan raises record $3bn through dual-tranche eurobond

September 03, 2026 (MLN): Pakistan has issued $3bn through a dual-tranche Eurobond transaction, the largest single international bond issuance in the country’s history.

The offering drew nearly $6bn in orders, almost double the amount issued, from a diversified base of institutional investors across global markets.

The transaction was priced across two maturities: a $1.75bn 5½-year Eurobond carrying a 7.50% coupon, and a $1.25bn 10-year Eurobond carrying a 7.90% coupon.

The issuance marks the first offering under Pakistan's renewed Global Medium-Term Note (GMTN) Programme, following the country's inaugural Panda Bond and successive improvements in its sovereign credit profile.

It forms part of a broader sovereign liability management strategy aimed at diversifying funding sources, extending debt maturities, reducing refinancing and rollover risks, and replacing shorter-term, costlier obligations with longer-duration, competitively priced financing.

The Debt Management Office at the Ministry of Finance led the transaction, with Citi, Deutsche Bank, Emirates NBD, MUFG and Standard Chartered acting as Joint Bookrunners.

Strong demand for the 10-year tranche, alongside the size and geographic diversification of the order book, reflects renewed investor confidence in Pakistan's medium- to long-term economic trajectory, following a period of successive sovereign credit-rating upgrades and improved access to international capital markets over the past three years.

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