Islamabad: The Government of Pakistan has appointed consortiums of international banks to support its Global Medium-Term Note (GMTN) and International Sukuk programs, as announced by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, during a virtual meeting with the consortium’s senior leadership. This initiative marks the beginning of a strategic partnership aimed at enhancing Pakistan’s sovereign capital market issuances.
According to Press Information Department, the government concluded a competitive procurement process, following an evaluation based on Requests for Proposals (RFPs). The selected consortiums will handle Eurobonds, International Sukuks, and PKR Denominated-USD Settled Bonds. For Eurobonds, the consortium includes Standard Chartered Bank, Citibank, N.A., Deutsche Bank AG, Emirates NBD Capital, and MUFG Securities Asia Limited. The International Sukuks consortium comprises Standard Chartered Bank, Dubai Islamic Bank PJSC, Citibank, N.A., Emirates NBD Capital, and Mashreq Bank PSC. The PKR-denominated USD Settled Bonds will be managed by Standard Chartered Bank, Citibank, N.A., and Deutsche Bank AG.
The appointed banks will serve for three years, supporting Pakistan’s capital market operations in both conventional and Islamic finance. The government plans to use these structures for regular issuances, aligning with its financing strategy once all documentation and formalities are completed.
This strategic move is part of Pakistan’s broader effort to establish a stable and sustainable external financing framework. The inclusion of MUFG Securities Asia Limited and Mashreq Bank signifies an expansion of Pakistan’s engagement with top international financial institutions.
Pakistan’s renewed engagement with global capital markets is bolstered by its improving macroeconomic conditions, such as sustained fiscal consolidation and strengthening debt sustainability indicators. These developments have increased investor confidence, evidenced by the compression in sovereign credit spreads and improved market pricing.
The government’s strategy focuses on developing a market-oriented funding platform that broadens the investor base, optimizes financing costs, and strengthens Pakistan’s long-term presence in international capital markets. The Government of Pakistan is eager to collaborate with the selected consortium banks to ensure the success of its capital market transactions.