Pakistan Raises $2.5 Billion in Dollar Debt as Reserves Fall

Nation facing economic and political turmoil before elections
Country sold $2.5 billion in 10-year, 5-year dollar bonds

Pakistani activists from the Tehreek-i-Labaik Yah Rasool Allah Pakistan (TLYRAP) religious group chant slogans during a protest in Islamabad on November 20, 2017. Protesters from a hardline religious group blocking the main highway into Islamabad for the third week running on November 20, have threatened a complete chaos in the country as the government has failed to clear the situation. / AFP PHOTO / AAMIR QURESHI (Photo credit should read AAMIR QURESHI/AFP/Getty Images)Photographer: AAMIR QURESHI/AFP

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By Faseeh Mangi, Brian W Smith, and Aline Oyamada

November 29, 2017 at 6:21 AM UTC

Updated on

November 30, 2017 at 5:06 AM UTC

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Pakistan raised $2.5 billion in dollar-denominated debt as it seeks to pump up foreign-exchange reserves that have slumped 25 percent.

The South Asian nation issued $1.5 billion of 10-year notes at 6.875 percent after initial guidance in the low 7 percent area and $1 billion of 5-year sukuk at 5.625 percent, down from initial price talk of 6 percent, according to a person familiar with the deal. The country was targeting a sale of as much as $3 billion, Prime Minister Shahid Khaqan Abbasi said in a text message this week.