Pakistan plans to issue more panda bonds in China. It is also looking at Japan’s bond market for the first time.
Finance Minister Muhammad Aurangzeb shared this plan in an interview with Nikkei Asia. Pakistan issued its first panda bond in mid-May 2026. It raised 1.75 billion yuan, close to $261 million.
This came from a wider 7.2-billion-yuan panda bond programme. The Asian Development Bank and the Asian Infrastructure Investment Bank gave partial guarantees for the bond.
More Yuan Bonds on the Way
Aurangzeb said Pakistan will return to China’s bond market. He did not give an amount or a date.
He said the May bond was not a one-time deal. Pakistan wants to be a repeat issuer in China’s market. He called China the second largest and deepest capital market in the world.
Pakistan Now Looking at Japan
Pakistan is also studying Japan’s bond market. This includes yen-based bonds known as samurai bonds.
A samurai bond is a bond sold in Japan, in yen, by a foreign government or company. It follows Japan’s own financial rules. Aurangzeb said samurai bonds “would make sense” for Pakistan. He added that the idea is “something which we should think through.” He said Pakistan still needs “to do more homework” before moving ahead. No amount or timeline has been set for a samurai bond yet.
