Islamabad September 28 2022: Pakistan’s dollar bonds slumped to record lows after new Finance Minister Ishaq
Dar said his top priority is to defend the sinking currency.
According to Bloomberg, Pakistan’s 7.375% 2031 dollar bond was indicated 2.7 cents lower at 37.3 cents on the dollar, a record low, while the 5.625% 2022 bond maturing in December was indicated 1.8 cents lower at 84.4 cents on the dollar.
“The new finance minister appears to have a a different perspective on how to manage the economy, one of which involves a potentially more managed currency,” said Johnny Chen, a money manager at William Blair Investment Management, which owns the nation’s bonds “We are more cautious on Pakistan assets because of uncertainty right
now around future policy-making, and await more details”.
