Pakistan’s bonds slump on report UN DP to recommend debt restructuring

Pakistan’s bonds slump on report UN DP to recommend debt restructuring

Pakistan’s bonds slump on report UN DP to recommend debt restructuring By Reuters

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(C) Reuters. FILE PHOTO: The United Nations headquarters building is pictured with a UN logo in the Manhattan borough of New York City, New York, U.S., March 1, 2022. REUTERS/Carlo Allegri

LONDON (Reuters) – Pakistan’s bonds slumped on Friday, leaving many at half of their face value after a Financial Times report that the United Nations Development Programme was set to publish a memo urging the country to restructure its debt.

Long-term worries about Pakistan’s finances have been compounded over the last month by devastating Monsoon floods.

Friday’s moves saw one of its main bonds due for repayment in 2024 slump over 9 cents to around 50 cents on the dollar. Another due in 2027 fell to around 45 cents.

Pakistan’s bonds slump on report UN DP to recommend debt restructuring

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