PM Shehbaz inaugurates $3bn Eurobond in London

Business Recorder reported that Prime Minister Shehbaz Sharif formally inaugurated Pakistan's $3 billion dual-tranche sovereign Eurobond in London. He also became the first Pakistani premier to open a trading session at the London Stock Exchange, speaking at its Paternoster Square headquarters. In his address, he argued that the country could draw secure, high-yield investment that benefits both sides.

Attendees included LSE Group chief executive David Schwimmer, Finance Minister Muhammad Aurangzeb, privatisation adviser Mohammad Ali and High Commissioner Tipu Usman. Sharif credited the finance minister's team with arranging the latest $3 billion issue, which he linked to reforms, digitisation and efforts to return the economy to a sound footing. He also cited Pakistan International Airlines and First Women Bank, saying the government was moving toward selling many other state enterprises.

Earlier this month, Pakistan raised $3 billion through the dual-tranche sale, with bids nearing $6 billion. Sharif said that without the Gulf crisis the country would have taken off, and that Pakistan, like other emerging economies, was also mediating between the United States and Iran. He invited Schwimmer to visit Pakistan and asked for his guidance on drawing international markets into sovereign debt and other investments.