Dollar bonds of Pakistan rallied by over 4% across the curve on reports that the nation struck a deal with the IMF regarding unlocking a $1bn loan tranche under the Extended Fund Facility (EFF). Pakistan’s Secretary of Finance Hamed Sheikh, said that “an agreement has already been struck with the IMF on prerequisite measures”. This comes after the installment was stalled for the last five months as the IMF has sought a review of the economy for the next six months before making the disbursal.

Pakistan’s 8.25% 2025s were up 5.5% to trade at 53.23 and its 7.95% 2029s were up 4.8% to 62.6 cents on the dollar.

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