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Pakistan’s dollar bonds rallied by over 2 points across the curve after S&P said that it saw the nation being on a path to secure a possible upgrade to B. It said that the move would depend on whether the elections today will bring about a government that can push for tough reforms. S&P analysts said that a government with popular support which can work with key institutions will have a greater chance of securing financing from the IMF. S&P currently rates Pakistan at CCC+, a notch below B. The nation received a $3bn IMF bailout which is set to end in March and thus, the election comes at a crucial time.