The Asian Development Bank (ADB) raised Rs1.83 billion ($11.4 million). Through the issue of Pakistani rupee-linked ‘Karakoram’ bonds. At 7.5% semi-annual coupon, maturing in August 2023.
Karakoram’ bond
The ADB defined the ‘Karakoram’ bond as “an offshore bond denominated in Pakistan rupees and settled in US dollars, listed on a major stock exchange, and settled through an international central securities depository”.
“The bonds arranged by Citigroup Global Markets and sold to European asset managers,” it added.
Economic Coordination Committee (ECC) of the Cabinet already allowed ADB to issue Pakistan Rupee (PKR)-linked bonds. Up to $200 million to non-residents.
Kazakhstan tenge, and Mongolian togrog bonds
ADB also issued bonds in local currency in Indian rupees, Kazakhstan tenge, and Mongolian togrog up to now in year 2020.