Pakistan gets $2.5bn against Eurobond issue

ISLAMABAD: The State Bank of Pakistan (SBP) has received the proceeds of the government’s $2.5 billion eurobond issuance in its account.

In a Twitter statement, the central bank said: “SBP has received the proceeds of government’s US$2.5bn Euro Bond issuance in its account.”

After arrival of $2.5bn, the State Bank said its foreign exchange reserves have soared to $16bn, the highest level since July 2017.

#SBP has received the proceeds of government’s US$2.5bn Euro Bond issuance in its account. As a result, SBP’s FX reserves closed above US$16bn today, their highest level since July 2017.

— SBP (@StateBank_Pak) April 8, 2021

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Last month, the country rolled out three separate eurobonds in the international market with having a time frame between 5 years to 30 years and an interest rate ranging between six percent to 8.87 percent.

The five-year eurobond rolled out with an interest rate of six per cent was able to fetch US$1 billion while another bond for a duration of 10 years with an interest rate of 7.73 percent was able to yield US$1 billion.

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The 30-year Euro bond floated by the country at 8.87 percent was able to garner US$500 million.