New York October 26 2022: Yields of Pakistan bonds and Sukuks floating in the international market decline across the board except the one with the maturity of 2029 as Asian Development Bank released $1.5 billion for Pakistan.
Yields (YTM) of Pakistan International Sukuk having maturity of 5th December 2022 drops 5.4% to 130.5% and Pakistan International Bond having maturity of 15th April 2024 drops the most by 7.8% to 85.4%.
Pakistan Government International Bonds with maturity of 30th September 2025, 8th April 2026 and 5th December 2027 decreases by 4.2%, 2.9% and 1.6% to trade at 54.8%, 46.7% and 38.0%, according to data available at Bloomberg.
However, Pakistan Credit Default Swap (CDS) jump 3,071 basis points on Monday to the historic high level of 5,282 basis points, according to data published by Bloomberg.
Today, Asian Development Bank has released funds of $1.5 billion to Pakistan under BRACE program for the credit of Govt of Pakistan’s account with State Bank of Pakistan says Finance Minister Ishaq Dar.
These funds will help the Government of Pakistan provide social protection, promote food security, and support employment for its people amid devastating floods and global supply chain disruptions.
The loan, provided under ADB’s Building Resilience with Active Countercyclical Expenditures (BRACE) Program, will help fund the government’s $2.3 billion countercyclical development expenditure program designed to cushion the impacts of external shocks, including the Russian invasion of Ukraine.