After successfully raising $3 billion through a dual-tranche Eurobond sale, the government is planning to issue a rupee-denominated, dollar-settled bond as part of efforts to diversify its borrowing sources and reduce reliance on the domestic banking system, Finance Minister Muhammad Aurangzeb said on Friday. “We have already mandated institutions who are going to work with us on this,” said Aurangzeb, while delivering a keynote address at the “Mobilising Private Capital: National Strategic Dialogue on PPPs and Privatisation” organised by the Asian Development Bank (ADB) in Islamabad. The finance minister, however, did not provide further details on the proposed instrument, including its size, maturity or expected issuance timeline. His remarks come shortly after Pakistan raised $1.75 billion through a 5.5-year bond at a coupon rate of 7.5% and $1.25 billion through a 10-year bond at 7.9%. “The transaction attracted nearly $6 billion in orders — almost twice the amount issued — from a broad and diversified base of institutional investors across global markets and continents,” the ministry said in a statement. In his address, Aurangzeb said that over-reliance on the banking system w
