Govt invites Financial institutions to manage Panda Bonds' issuance

MG News | February 18, 2019 at 10:30 AM GMT+05:00

0:00

February 18, 2019 (MLN): The Government of Pakistan is planning to issue sovereign Panda Bonds in the Chinese capital market, for which the Ministry of Finance has issued a request for proposals, inviting reputed financial institutions to submit their proposals to work as Finance Divisions Financial Advisors/ Lead Managers for structuring, launching and executing this transaction.

By means of this action, Pakistan intends to raise yuan-denominated bonds against the backdrop of on-going talks with IMF for financial support and severe financial crisis gripping the nation, as well as insufficient foreign exchange reserves.

According to the notice, the proposals from the financial institutions is due to be submitted by March 20, 2019.

According to media reports, A Panda Bond from Pakistan has been on the cards for some time now. It is said that last year, a senior official of the country’s largest bank said that he expected a panda bond equivalent to $1.5 – 2 billion, soon after the 13^th bailout agreement with IMF.

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