Pakistan 7.375% 2031
USDSovereign bond · Government of Pakistan · PREVIEW
01 / Key TermsAS OF PSX · PREVIEW
Yield to Maturity
9.80%
Clean Price
88.20
% OF PAR
Coupon
7.38%
Spread
560 bps
Rating
CCC+
Maturity
08 Apr 2031
4.5Y DURATION
02 / Details
- Issuer
- Government of Pakistan
- Instrument type
- Sovereign bond
- Currency
- USD
- Duration
- 4.5 yrs
- Amount outstanding
- USD 1.0 bn
PREVIEW DATA · ILLUSTRATIVE TERMS · NOT INVESTMENT ADVICE
03 / Credit ViewAS OF FAS · 22 JUN 2026
OverweightTARGET SPREAD 480 bpsTARGET YIELD 8.80%
Carry and an IMF anchor outweigh the politics
The case
- 01
At ~9.8% to 2031 the bond pays roughly 560bps over US Treasuries to hold an IMF-anchored frontier credit.
- 02
The active programme and rebuilding reserves cut near-term default risk versus the 2022-23 stress.
- 03
Spread has room toward ~480bps as the curve normalises — about four points of price on top of the carry.
Key risks
- — Programme slippage or a politics-driven external funding gap.
- — Global risk-off widening frontier spreads regardless of fundamentals.
- — Reserve cover slipping back below two months of imports.
— GENERATED BY FIRST ASIA SECURITIES · NOT INVESTMENT ADVICE