- Standard Chartered, Citibank feature across all three consortiums.
- MUFG Securities and Mashreq Bank join banking roster first time.
- PKR-denominated USD-settled bonds included for first time.
The government has picked three separate consortiums of international banks as financial advisers to manage conventional and Islamic bond issuances under its Global Medium-Term Note and International Sukuk programmes, as it moves to raise at least $2 billion from international capital markets during the current fiscal year, The News reported.
Following an evaluation process conducted in accordance with the criteria and procedures outlined in the Requests for Proposals (RFPs), the Government of Pakistan has successfully concluded the competitive procurement process for appointing consortiums of international banks under its Global Medium-Term Note (GMTN) Programme and International Sukuk Programme.
The financial institutions selected for each consortium, including Eurobonds, International Sukuks and PKR-denominated USD-settled bonds, have now been announced.
For Eurobonds, the consortium banks include Standard Chartered Bank, Citibank, N.A., Deutsche Bank AG, Emirates NBD Capital, and MUFG Securities Asia Limited.
For International Sukuks, the consortium banks include Standard Chartered Bank, Dubai Islamic Bank PJSC, Citibank, N.A., Emirates NBD Capital, and Mashreq Bank PSC.
For PKR-denominated USD-settled Bonds, the consortium banks include Standard Chartered Bank, Citibank, N.A., and Deutsche Bank AG.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a virtual meeting from Washington with the senior leadership of the consortiums of international banks under Pakistan’s Global Medium-Term Note (GMTN) Programme and International Sukuk Programme.
The meeting marked the commencement of the government’s strategic partnership with the selected financial institutions.
The official announcement stated that Pakistan’s sovereign capital market issuances would cover both conventional and Islamic financing instruments. Upon completion of the required documentation and fulfilment of all applicable formalities, the Government of Pakistan intends to utilise these structures for frequent issuances, as and when required, in line with its financing strategy.
This selection is not a one-off event but part of a structured and ongoing process aimed at establishing a stable, diversified and sustainable external financing framework for Pakistan. The first-time inclusion of MUFG Securities Asia Limited and Mashreq Bank further broadens Pakistan’s engagement with leading international financial institutions.
