Pakistan Euro bonds soar on IMF agreement

MG News | July 04, 2023 at 09:59 AM GMT+05:00

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July 04, 2023 (MLN): Pakistan Euro Bonds worth $1 billion, maturing in April 2024, have appreciated by 19.4 cents to 76 cents amid an agreement being reached with IMF.

This appreciation is attributed to the long-standing Staff Level Agreement (SLA) worth $3 billion finally being signed on Friday between the International Monetary Fund (IMF) and Pakistan.

As a result, investors' confidence in Pakistani Euro bonds was restored.

Eurobonds worth $500 million, maturing in September 2025, rose 13.1 cents to 56.9 cents.

Moreover, Eurobonds maturing in April 2026 improved by 10.3 cents to 50.5 cents.

According to Topline Securities, Pakistani bonds since October 2022 have gained 70% to 80%.

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