Pakistan has achieved a historic milestone in international finance by securing $3 billion through the issuance of 5.5-year and 10-year Eurobonds under its new Global Medium Term Note (GMTN) program. Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb characterized the $3 billion issuance as the largest bond transaction in Pakistan’s history, signaling restored global investor confidence in the country’s economic outlook.
According to the Ministry of Finance, $1.75 billion was raised via the 5.5-year Eurobond at a coupon rate of 7.50%, while $1.25 billion was fetched through the 10-year tranche at a 7.90% coupon rate. The order book was oversubscribed by double the targeted volume, drawing strong interest from institutional investors across Asia, the Middle East, Europe, and the United States. The Finance Minister noted that the landmark transaction reflects three credit rating upgrades since April 2025 and forms a central part of a three-year strategy aimed at extending maturity profiles, reducing refinancing risks, and diversifying external financing through future Sukuk, dollar-settled, and Panda bonds.
