Thursday, 29 February 2024

The Asian Development Bank (ADB) issued Pakistani rupee-linked ‘Karakoram’ bonds

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”.

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“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.

A d v e r t i s e m e n t

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.

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