Pakistan has Started the process of raising $2 billion through Eurobonds offering five year and 10-year bonds to international investors. The transfer comes as a result of other positive economic signs and credit ratings upgrades by Moody's and S&P.Citi, Deutsche Bank, Emirates NBD Capital, MUFG, and Standard Chartered have been named as joint lead managers for the deal. Roadshows are expected in London, Washington, and the Gulf region.
Two major rating agencies raised Pakistan's credit rating in recent weeks. S&P Global lifted its rating from B- to B on July 22. Moody's followed on August 24, moving Pakistan up from Caa1 to B3, with a stable outlook. Both agencies pointed to stronger foreign exchange reserves, lower debt costs, and steady progress on Pakistan's IMF reform program as reasons for the upgrade.
Finance Ministry Adviser Khurram Shahzad confirmed the Eurobond process on X, describing it as part of Pakistan's renewed access to international capital markets after the rating upgrades and improving economic fundamentals.
