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Pakistan’s dollar bonds were up by 2-4 points across the curve on news of improved funding prospects and a political update. Pakistan’s equity index, the benchmark KSE-100 Index has gained 50% since late-June and is the world’s second-best performing market in this period, attracting over $26.3mn in overseas purchases of Pakistani stocks. This fund flow is now the highest monthly total for the equity markets in over four years. As per Philip Fielding, co-head of EM at Mackay Shields UK, “Pakistan laid out a clear plan to refinance the 2024 maturity and enact structural reforms that would underpin the external and fiscal accounts which has attracted funding from international financial institutions including the IMF and World Bank but also bilaterals”. On the political side, former Prime Minister Nawaz Sharif was acquitted by a Pakistani court regarding a corruption case, thereby removing an obstacle for him to contest in next year’s election.
Pakistan’s 6% 2026s were up 3.8 points to 69 cents on the dollar, yielding 24%.