Pakistan to issue 'Panda Bonds' in Chinese capital market
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The federal government has initiated preparations to issue Panda Bonds in the Chinese capital market, 24NewsHD TV Channel reported on Sunday.
According to the report, the Ministry of Finance has decided to engage a Chinese rating agency for the issuance of Panda Bonds along with acquiring the services of a Chinese law firm and legal counsel.
Technical and financial proposals have been sought from Chinese rating agencies by July 29.
Proposals from domestic legal counsel have been sought by July 15.
The services of the Chinese credit rating agency will be acquired through a competitive process and will be retained for the duration of the project.
An agreement letter will be signed between the Government of Pakistan and the successful Chinese companies.
Reporter: Waqas Azeem