ISLAMABAD: The Asian Development Bank (ADB) sold the second PKR-denominated Karakoram Bond priced at Rs1.6 billion ($10 million).

The Bank on Friday tweeted, “ADB sells the second #PakRupee-linked '#Karakoram Bond' on 28 Jan priced at PKR 1.6bn ($10m) 5-year. Building on the strong first outing, SCB placed it with two European #investors with proceeds invested into #Pakistan gov securities.” On November 18, the Bank stated that it has raised 1.83 billion Pakistan rupees ($11.4 million) in a first issue of local currency Karakoram bond by a multilateral development bank of which Pakistan is a member. Karakoram bond is an offshore bond denominated in Pakistani rupees and settled in US dollars, listed on a major stock exchange and settled through an international central securities depositary.

Copyright Business Recorder, 2021