Pakistan Eurobonds 2026: $3 Billion Raised at 7.5% and 7.9%, Full List of Dollar Bonds

Pakistan raised $3 billion from two Eurobonds in September 2026, a sale the Finance Ministry calls a record. One bond of $1.75 billion pays 7.5 per cent a year and is due in March 2032. The other, $1.25 billion at 7.9 per cent, is due in September 2036.

A Eurobond is simply a bond the government sells to foreign investors in dollars. Pakistan pays interest on it twice a year and returns the full amount on the due date. The State Bank says the September money, together with its own dollar buying, lifted its reserves above $21 billion.

We listed every Pakistan dollar bond shown on Fitch Ratings' Pakistan page and checked the 2026 sales against the Finance Ministry's Annual Debt Review and its press releases. Here is what Pakistan owes on them and when.

Pakistan sold $3 billion of Eurobonds in September 2026

The September sale had two parts: $1.75 billion at a 7.5 per cent coupon, due 10 March 2032, and $1.25 billion at 7.9 per cent, due 10 September 2036. Fitch rated both B-, the same as Pakistan's own rating.

The coupon is the fixed interest rate on the face value. So the 2032 bond costs Pakistan about $131 million a year in interest, and the 2036 bond about $99 million. That is roughly $230 million a year for the September sale alone, by our arithmetic.

The Finance Ministry calls it a "record US$3 billion dual-tranche Eurobond transaction". The price investors paid and the size of the order book were reported in the market, but we could not find them on an official Pakistani page, so we leave them out.

Pakistan borrowed abroad three times in 2026

The September Eurobonds were the third foreign bond sale of 2026. Pakistan sold a $750 million bond in April and its first Chinese yuan bond, called a Panda bond, worth CNY 1.75 billion, in May. The Finance Ministry lists both in its Annual Debt Review.

The April bond was a private placement, meaning it was sold to a small group of investors rather than on the open market. The Panda bond is sold in China's own bond market, in yuan, which also matters because more of Pakistan's trade with China is now settled in yuan.

Here is every Pakistan dollar bond Fitch lists

Fitch Ratings shows six Pakistan dollar bonds still outstanding, worth $6.25 billion in total, plus the medium term note programme the new bonds come from. The next one due is the $750 million bond in April 2029. The last runs to April 2051.

Together these cost about $480 million a year in interest. This list is what Fitch shows, and it may not be complete. It leaves out Pakistan's international sukuk, the Islamic bonds sold through a separate company, and any bond Fitch does not rate.

Pakistan repaid a Eurobond in April 2026

A 6 per cent Eurobond fell due on 8 April 2026 and Pakistan paid it on time. Fitch lists it as $1.3 billion and matured. The Finance Minister called it a $1.4 billion repayment and "a non-event". The two official figures differ.

That repayment is one reason the 2026 sales matter. On Fitch's list, Pakistan has no dollar bond due until April 2029, which gives the budget some breathing room. Its biggest foreign repayments in 2027 and 2028 are to the IMF instead, as shown in the IMF repayment schedule.

Better ratings made the 2026 sales possible

Pakistan could sell bonds again because all three rating agencies now put it in the single B band. Fitch moved it up from CCC+ to B- in April 2025, S&P raised it to B in July 2026 and Moody's to B3 in August 2026, just before the September sale.

A higher rating means investors ask for less interest. The 7.5 per cent on the new 2032 bond is lower than the 8.875 per cent Pakistan still pays on its 2051 bond. We covered the Moody's upgrade to B3 when it came out.

The money does not stay in a separate pot. It goes to the budget and the State Bank's reserves, which stood at $21.45 billion on 2 October 2026.

You can check Pakistan's bonds yourself in 3 steps

The quickest public list is the issues tab on a rating agency's Pakistan page. Fitch's is free to view. Then:

1. Open Fitch's Pakistan entity page and choose the issues list.
2. Read each bond's amount, coupon and maturity date.
3. Check new sales in the Finance Ministry's Annual Debt Review or its press releases.

For the full picture of what the state owes at home and abroad, the Finance Ministry's figures are in our reading of the Annual Debt Review for FY26.

Common questions

How much did Pakistan raise from Eurobonds in 2026?

$3 billion in September 2026, in two bonds of $1.75 billion and $1.25 billion. It also sold a $750 million dollar bond in April.

What interest rate does Pakistan pay on its new Eurobonds?

7.5 per cent a year on the bond due March 2032 and 7.9 per cent on the bond due September 2036.

When is Pakistan's next Eurobond due?

The next dollar bond Fitch lists is the $750 million bond due 24 April 2029.

What is a Panda bond?

A bond a foreign government sells in China's market, in Chinese yuan. Pakistan sold its first, worth CNY 1.75 billion, in May 2026.

Can ordinary Pakistanis buy Eurobonds?

Not easily. They are sold to large foreign investors in big minimum amounts. Savers abroad can use Naya Pakistan Certificates instead, sold through banks.

How we verified this

What we checked, where we read it, and what we could not confirm.

Last checked 10 October 2026, about 7:00 am PKT. We read the Fitch Ratings page for Pakistan and its rating notes of 13 April and 1 September 2026, the Finance Ministry's press releases to 8 October 2026, its Annual Debt Review FY26, the State Bank's monetary policy statement of 14 September 2026, and the World Bank's Pakistan overview. Interest totals are our own arithmetic.