Investor confidence soars: Pakistan Euro bonds rally
MG News | July 07, 2023 at 05:33 PM GMT+05:00
July 07, 2023 (MLN): Pakistan Euro Bonds worth $1 billion, maturing in April 2024, have appreciated by 55% since June 23 to 79.06 cents amid investors’ confidence gearing up following the IMF agreement.
This appreciation is attributed to the long-standing Staff Level Agreement (SLA) worth $3 billion finally being signed on June 29 between the International Monetary Fund (IMF) and Pakistan.
The IMF financing arrangement allows Pakistan breathing room and lowered the risk of a payment halt.
As a result, investors' confidence in Pakistani Euro bonds was restored.
Eurobonds worth $500 million, maturing in September 2025, rose 55% since June 23 to 61.03 cents.
Moreover, Eurobonds maturing in April 2026 improved by 40% since June 23 to 53 cents.
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