Pakistan launches investor roadshow in China for first-ever Panda bonds

Pakistan has begun a series of investor meetings in Beijing to promote its first-ever Panda Bond offering, aiming to raise $200 million to $300 million by the end of 2025.

The non-deal roadshow, which runs from July 7 to 11, includes technical discussions with Chinese investors, underwriters, legal advisors, and a domestic credit rating agency, according to Khurram Shehzad, adviser to the Finance Minister. The Ministry of Finance launched the initiative to explore opportunities in China’s onshore capital market.

“The Government of Pakistan has initiated a Non-Deal Roadshow in China for the inaugural Panda Bond,” Shehzad posted on X, formerly Twitter.

The meetings focus on Pakistan’s macroeconomic outlook, ongoing debt management reforms, and structural features of the proposed transaction. Key topics include regulatory approvals, potential credit enhancements, and investor appetite. The Ministry has also engaged with multilateral development partners for possible guarantees.

Strong initial interest from investors has been reported, reflecting growing confidence in Pakistan’s financial reforms and credibility in international markets.

This marks a strategic step by Pakistan to access the deep and diversified Chinese bond market and to broaden its funding sources using local currency instruments.

“The successful NDR so far reflects the Government’s commitment to innovative and forward-looking financial diplomacy,” the Finance Ministry stated. “Pakistan is ready to enter new capital frontiers with confidence and credibility.”

The issuance of Panda Bonds will proceed after completion of regulatory processes and documentation.