Finance ministry initiates non-deal roadshow in China for inaugural Panda Bond

(Web Desk): Representatives of the Ministry of Finance, Government of Pakistan, have initiated a series of pre-marketing investor meetings in Beijing, China, from July 7 till 11, 2025, as part of a non-deal investor roadshow (NDR) in preparation for Pakistan’s debut Panda Bond issuance.

The MoF delegation has held technical discussions with potential investors, underwriters, prospective guarantors, Chinese Rating Agency, and Chinese legal counsel.

Meetings are focused on Pakistan’s macroeconomic review and outlook, ongoing debt management reforms, and the structure and progress of the proposed Panda Bond transaction. Discussions also covered regulatory processes, credit enhancement arrangements, and investor interest in the forthcoming issuance. The NDR drew strong initial interest, signaling investor confidence in Pakistan’s reform trajectory and its growing credibility in international capital markets.

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 inaugural Panda Bond is expected to be launched this year following the completion of documentation and required approvals, including credit guarantees from multilateral development partners.

This milestone marks Pakistan’s strategic move to tap China’s deep and diversified onshore bond market, expand its investor base, and diversify funding sources through 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.