Pakistan’s bonds hit 3-year high after credit rating upgrade

LONDON: Pakistan’s long-dated dollar bonds rallied for a second day to hit fresh three-year highs on Friday, a day after S&P Global upgraded the country’s sovereign credit rating.

The rating firm’s one notch increase to ‘B-’ cited the International Monetary Fund’s support in stabilising Pakistan’s strained finances.

KIBOR declines across short-term tenors amid policy rate cut expectations

The 2031 and 2036 maturities both gained around 1.6 cents on Friday to bid at 93.85 cents and 87 cents respectively, lifting them to their highest levels since early 2022.