Islamabad June 29 2024: The Ministry of Finance of Pakistan is seeking proposals from Chinese credit rating agencies and law firms for the issuance of Panda bonds.
Earlier this month, Finance Minister Aurangzeb stated that Pakistan plans to launch Panda bonds in the Chinese market either within the current calendar year 2024 or during the subsequent fiscal year (July 2024 to June 2025).
The minister previously announced that the government aims to raise up to $500 million by issuing Panda bonds, leveraging the extensive Chinese financial market, which might include borrowing from a Chinese commercial bank, as Pakistan has done recently.
The Finance Division of the Ministry of Finance, Government of Pakistan, intends to conduct a Panda Bond transaction in the Chinese capital markets. To this end, the Finance Division seeks to engage a Chinese credit rating agency and a law firm from the People’s Republic of China.
Interested Chinese credit rating agencies and law firms are invited to submit their individual proposals to serve as the Government of Pakistan’s credit rating counsel and Chinese legal counsel, respectively.
Only agencies listed with the Public Procurement Regulatory Authority (PPRA) on the E-PADS software as vendors are eligible to submit technical and financial proposals. Proposals must be submitted online through E-PADS at http://eprocure.gov.pk and also manually in one sealed envelope, in accordance with PPRA provisions and other terms and conditions specified in the bidding documents.
For law firms, only PRC law firms listed with PPRA on E-PADS as vendors are eligible to submit proposals. Proposals must be submitted online through E-PADS and manually at the address provided, in one sealed envelope.
The deadline for submission is 29th July 2024. Proposals must be submitted by 17:00 PST, and bids will be opened at 17:30 PST.
