Pakistani bonds fell after DP World recommended to the United Nations a debt restructuring

Pakistani bonds fell after DP World recommended to the United Nations a debt restructuring

LONDON (Reuters) – Pakistani bonds fell on Friday, leaving many of them at half their face value after a Financial Times report that the United Nations Development Program is about to publish a note urging the country to restructure its debt.

Long-term concerns about Pakistan’s finances have been exacerbated over the past month by devastating monsoon floods.

Friday’s moves saw one of the major bonds due in 2024 fall more than 9 cents to about 50 cents on the dollar. Another date fell in 2027 to about 45 cents.

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