Pakistan sovereign dollar bonds jump after coalition government deal

REUTERS

Pakistan's benchmark share index .KSE rose 1.78% in early trade on Wednesday

Jorgelina do Rosario, Reuters News

February 21, 2024

PHOTO

Pakistan's sovereign dollar bonds jumped on Wednesday after two major political parties said late on Tuesday they had reached an agreement to form a coalition government.

The country's international bonds maturing in 2031 enjoyed the biggest gains, up 2.7 cents on the dollar, at 61.7 cents, according to Tradeweb data. The 2026 notes were up 2.6 cents to 76.95 cents.

The agreement between Bhutto Zardari's Pakistan Peoples Party (PPP) and the Pakistan Muslim League-Nawaz (PML-N) ended 10 days of intense negotiations after an inconclusive national election did not return a clear majority.

Pakistan's benchmark share index .KSE rose 1.78% in early trade on Wednesday.

(Reporting by Jorgelina do Rosario, editing by Karin Strohecker)

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