Karachi, 15 May 2026:

HBL is proud to have acted as Financial Advisor, in connection with the successful issuance of the inaugural Panda Bond of the Government of Pakistan, marking the country’s entry into the Chinese bond market.

The inaugural Panda Bond is a Sustainable Development Bond aimed at supporting National Priority Projects with significant Economic, Social and Environmental impact and objectives. The landmark issuance of RMB 1.75 billion attracted investor demand of over RMB 8.8 billion, resulting in oversubscription of more than five times at a highly competitive 2.5% coupon.

The Panda Bond issuance stands as a milestone achievement coinciding with the 75th anniversary of diplomatic relations between Pakistan and China. The issuance ceremony held at the Pakistan Embassy in Beijing, China, and was attended by Muhammad Aurangzeb, Federal Minister for Finance and Revenue, Khalil Hashmi, Pakistan’s Ambassador to China, Farhan Talib, Head International – HBL, and Wei Cheng, Country Manager – HBL China, alongside government dignitaries and senior representatives from participating institutions.

Investor demand for the inaugural issuance exceeded the currently announced Panda Bond programme size of RMB 7.2 billion reflecting strong market interest in Pakistan’s inaugural Panda Bond issuance.

HBL has become the first and only bank from Pakistan to have a branch in China and one of the three banks from South Asia and MENA region to offer end-to-end RMB intermediation in China. HBL’s journey in China began in 2005 with the establishment of Representative Office in Beijing. Over the years, China has become a key component of the Bank’s strategy, facilitating trade in the region and promoting business in RMB.