by Amruth Sundarkumar | Mar 3, 2023 | Singapore Dollar Bonds, Sovereign Bonds
Pakistan’s dollar bonds were lower by 1.5 points across the curve to trade at 40 cents on the dollar. As per Bloomberg, its dollar bondholders are bracing for a potential default with the nation having ~$7bn in debt repayments by June, that includes a $2bn...
by Amruth Sundarkumar | Mar 1, 2023 | Sovereign Bonds, Sovereigns
Pakistan was downgraded to Caa3 form Caa1 by Moody’s citing “increasingly fragile liquidity” and an external position that “significantly raises default risks”. Moody’s cited Pakistan’s sharp drop in forex reserves as one of...
by Amruth Sundarkumar | Feb 15, 2023 | Sovereign Bonds, Sovereigns
Pakistan was downgraded to CCC- from CCC+ by Fitch. This comes on the back on the nation’s worsening liquidity and policy risks amid the rapid decline in FX reserves. Its net FX reserves at the State Bank of Pakistan were about $2.9bn on February 3. This amount...
by Amruth Sundarkumar | Feb 13, 2023 | Sovereign Bonds, Sovereigns
Dollar bonds of Pakistan were down ~4% after the IMF team held positive talks but stopped short of unlocking its $1.1bn bailout deal. The IMF team said that it welcomed the nation’s commitment to implement policies to safeguard macroeconomic stability and that...
by Amruth Sundarkumar | Feb 10, 2023 | Sovereign Bonds, Sovereigns
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...
