Sunday, July 14, 2024

Pakistan Makes $1 Billion Bond Payment to Avert Default Risk

Pakistan’s central bank said it met a $1 billion bond payment on Friday.

Key Points:-

  • The central bank says it made a payment to Citigroup Inc. on Friday
  • Nation’s longer-term bonds are trading at distressed levels

Pakistan dollar debt outperformed emerging market peers, extending a weekly rally that’s seen the country’s spread over US Treasuries shrink more than four percentage points through Thursday.

Dollar bonds due in 2025 gained 2 cents on Friday to 50.4 cents on the dollar, according to indicative pricing data collected by Bloomberg. Longer notes due in 2031 and 2051 also climbed, to end the session at around 40 cents on the dollar.

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