ISLAMABAD: Pakistan has issued requests for proposals (RFPs) for advisers to arrange its first dollar-settled, rupee-linked bonds alongside fresh Sukuk and Eurobond issues, Finance Minister Muhammad Aurangzeb said on Tuesday, as Islamabad seeks to broaden its investor base and lengthen the maturity profile of its external debt.
The latest fundraising plans come after Pakistan’s successful return to international capital markets this year through a $750 million Eurobond and its inaugural $250 million Panda bond, both of which attracted strong investor demand.
The government is now looking to build on that momentum by expanding its range of financing instruments as it pursues a medium-term strategy of diversifying external funding sources following macroeconomic stabilization under a $7 billion International Monetary Fund (IMF) program.
“We have just issued RFPs for Sukuks, for Eurobonds, and for the first time, dollar-settled, rupee-linked bonds, because we do want to go back into the international capital market and extend the maturities of our international debt as we move forward,” Aurangzeb said while addressing the Pakistan Banking Summit 2026 in Karachi.
The planned bonds would give international investors exposure to the Pakistani rupee while settling transactions in US dollars, allowing the government to tap foreign capital without requiring investors to settle in the local currency.
The finance minister said Pakistan’s inaugural Panda bond was oversubscribed more than five times, allowing the government to secure what he described as a record-low price for a three-year sovereign issue.
Aurangzeb noted the planned bond sales were intended primarily to refinance existing obligations and improve Pakistan’s debt profile rather than increase the country’s external debt.
“A lot of these are going to be actually replacement trades,” he said. “These are not going to be incremental debt that we have and how we replace some of the bilat stuff, I think, is going to be part of the picture as we move forward.”
