Pakistan kicks off investor roadshow in China for inaugural panda bond
Representatives from the Pakistani ministry of finance are holding the non-deal investor roadshow (NDR) in China from July 7 to 11, 2025. The delegation has engaged in technical discussions with potential investors, underwriters, prospective guarantors, the Chinese Rating Agency, and Chinese legal counsel as part of the pre-marketing process for the debut issuance.
The investor meetings focus on Pakistan's macroeconomic outlook, ongoing debt management reforms and the proposed bond's structure. The initiative reflects Pakistan's push to broaden its investor base and strengthen its credibility in international capital markets.
A panda bond is a Renminbi-denominated bond issued by a foreign government, multilateral institution, or company in China's onshore bond market, allowing overseas issuers to raise funds from Chinese investors while diversifying their investor base and gaining access to China's deep capital pool.
'The visit reflects the Government's commitment to proactive investor engagement and diversification of funding sources through access to China's onshore capital market,' the finance ministry said in a statement.
According to the ministry, the inaugural panda bond is expected to be launched later this year after the completion of documentation and regulatory approvals, including credit guarantees from multilateral development partners.
Officials said the roadshow has drawn strong initial interest, signalling investor confidence in Pakistan's reform trajectory. The ministry described the move as a milestone that would help Pakistan tap China's deep and diversified onshore bond market while using local currency instruments backed by multilateral partners.
'The successful NDR so far reflects the Government's commitment to innovative and forward-looking financial diplomacy — and sends a clear message: Pakistan is ready to enter new capital frontiers with confidence and credibility,' the statement added.
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