Pakistan, May 15 -- Pakistan issued on Thursday its first Panda Bond in China's onshore capital market, Advisor to the Finance Minister Khurram Schehzad announced.

"The inaugural Panda Bond is a 3-year fixed-rate instrument, making it Pakistan's first-ever RMB-denominated sovereign issuance in China's onshore capital market," Schehzad wrote in a post on X.

"The landmark Panda Bond issuance of RMB 1.75 billion (equivalent to US$250 million) attracted overwhelming investor demand of over RMB 8.8 billion (approximately US$1.26 billion), resulting in an oversubscription of more than 5 times," he added.

Schehzad said demand for the inaugural tranche alone exceeded Pakistan's entire planned Panda Bond programme size of RMB 7.2 billion (US$1 ...