PM Shehbaz Sharif Becomes First Pakistani Premier to Open London Stock Exchange Trading, Inaugurates $3bn Eurobond Listing

LONDON: Prime Minister Muhammad Shehbaz Sharif on Tuesday became the first prime minister of Pakistan to open a London Stock Exchange (LSE) trading session, and formally inaugurated the listing of Pakistan’s $3 billion dual-tranche sovereign Eurobond.
Addressing the ceremony at the LSE headquarters in Paternoster Square, the prime minister said Pakistan had immense potential to attract high-yield, safe and mutually beneficial foreign investment. He said macroeconomic indicators had strengthened after years of hard work and augured well for the future.
He praised Finance Minister Muhammad Aurangzeb and his team for arranging the Eurobond, citing structural reforms and the digitization of the economy. Highlighting the privatization of Pakistan International Airlines and First Women Bank, he said the government was moving to offload more state enterprises, an area in which Pakistan and the UK could work closely.
The prime minister said Pakistan would have “really taken off” had the Gulf crisis not erupted. He said Pakistan was navigating the challenge like other emerging economies while also acting as a peacemaker, mediating between the United States and Iran. He sought the guidance of LSE Group CEO David Schwimmer on engaging global financial markets and invited him to visit Pakistan.
The issuance, Pakistan’s largest-ever international bond transaction, drew nearly $6 billion in investor demand, almost twice the amount raised. It is the first issuance under the country’s renewed Global Medium-Term Note (GMTN) Programme, following its inaugural Panda Bond and successive sovereign credit-rating upgrades. It forms part of a debt-management strategy to diversify funding sources, extend maturities and reduce refinancing risk.
Finance Minister Aurangzeb, Adviser on Privatization Mohammad Ali, High Commissioner Tipu Usman, members of the Pakistani delegation and British officials attended the ceremony.