Pakistan successfully issued a 3-year RMB 1.75 billion Panda Bond in the Chinese interbank market, marking its first entry into the Chinese capital market. Standard Chartered (China) Ltd. was the only foreign bank serving as joint lead underwriter. 

The issuance was supported by guarantees from the Asian Infrastructure Investment Bank (AIIB) and the Asian Development Bank (ADB), covering 95% of the principal and interest. This support attracted strong demand, resulting in the bond pricing at 2.50% with a 5x oversubscribed order book.

Rehan Shaikh, CEO of Standard Chartered Pakistan, noted the significance of this debut and the growing investor confidence in Pakistan’s economic direction. He emphasized the importance of multilateral partnerships in expanding access to capital.

Jerry Zhang, Global Head of Banks & Broker Dealers at Standard Chartered, highlighted the transaction as evidence of the bank’s capability to connect international issuers with China’s capital markets, reflecting the Renminbi’s evolution into a financing currency.