Pakistan has received five bids from Chinese firms to assist in its debut issuance of Panda bonds, according to a Bloomberg report. Panda bonds are debt securities issued in China and denominated in Chinese yuan (RMB), aimed at accessing capital from Chinese investors.
The report states that by the proposal deadline, the government had received three offers from law firms and two from credit rating agencies. Additionally, two local firms expressed interest in serving as domestic legal counsels for the bond issuance.
The finance ministry is currently reviewing these proposals before making a final decision. Finance Minister Muhammad Aurangzeb, in March, announced plans to raise up to $300 million through Panda bonds this year, aiming to diversify funding sources and tap into the Chinese investment market. He noted that this approach should have been considered earlier.