According to the report, Pakistan had initially aimed to issue $250 million worth of Panda Bonds in the Chinese capital market in December 2025. However, the plan has now been deferred, and the government is considering launching the bonds in January or February 2026 instead.
Sources said the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB) were expected to provide up to a 95% guarantee for the issuance. The ADB Board has already approved its guarantee, but approval from the AIIB Board is still pending. The AIIB meeting is likely to take place later this month or early next month, after which a final issuance date is expected to be confirmed.
This marks the third time that the issuance schedule for the $250 million Panda Bonds has been revised.
The bonds will carry a three-year tenure with a fixed interest rate, and Pakistan anticipates securing financing at a rate below 10%.
Finance Minister Muhammad Aurangzeb earlier said the Panda Bonds will be settled in Chinese yuan and may be increased to between $200 million and $300 million. The structure is being developed with support from multiple development institutions, including AIIB, which may provide credit guarantees.
