Pakistan’s US dollar-denominated Eurobonds and Sukuks experienced a notable rally in global markets, outperforming emerging-market peers. The rally ranged from 1% to 6%, overcoming losses recorded post-election upset in Pakistan.
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The boost came after the political deadlock over government formation ended, raising confidence that Pakistan would approach the International Monetary Fund (IMF) on time, enabling timely repayment of maturing foreign debt
Pakistan is set to make a significant debt repayment of $1 billion for a 10-year Eurobond in mid-April 2024. The rally indicates market confidence in Pakistan’s financial strength and timely engagement with the IMF.
