The Government of Pakistan has selected three consortiums of international banks to serve as financial advisers for issuing conventional and Islamic sovereign bonds under its Global Medium-Term Note (GMTN) and International Sukuk programmes.
According to official details, the move is part of the government’s strategy to raise at least $2 billion from international capital markets during the current fiscal year to help meet its external financing requirements.
The appointments were made after a competitive procurement process conducted in line with the criteria outlined in the government’s Requests for Proposals (RFPs).
Consortiums Selected for Three Financing Programmes
The government announced separate consortiums for Eurobonds, International Sukuks, and PKR-denominated USD-settled bonds.
Eurobond Consortium
The consortium for Pakistan’s Eurobond programme includes:
- Standard Chartered Bank
- Citibank, N.A.
- Deutsche Bank AG
- Emirates NBD Capital
- MUFG Securities Asia Limited
- International Sukuk Consortium
For Islamic bond issuances, the selected banks are:
- Standard Chartered Bank
- Dubai Islamic Bank PJSC
- Citibank, N.A.
- Emirates NBD Capital
- Mashreq Bank PSC
- PKR-Denominated USD-Settled Bonds
For the newly introduced Pakistani rupee-denominated, US dollar-settled bonds, the consortium consists of:
- Standard Chartered Bank
- Citibank, N.A.
- Deutsche Bank AG
Finance Minister Holds Meeting With Banking Leaders
Finance Minister Senator Muhammad Aurangzeb, currently in Washington, held a virtual meeting with senior executives from the selected banking consortiums.
According to the Finance Ministry, the meeting marked the beginning of Pakistan’s strategic partnership with the appointed financial institutions and discussed preparations for future sovereign bond issuances.
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Government Plans Regular Access to Global Markets
The Finance Ministry said Pakistan intends to use both conventional and Islamic financing instruments under the GMTN and International Sukuk programmes.
Once all required documentation and regulatory formalities are completed, the government plans to access international capital markets on a regular basis, depending on financing needs and market conditions.
Officials described the initiative as part of a long-term strategy to establish a stable, diversified, and sustainable external financing framework rather than a one-time fundraising exercise.
New International Banks Join Pakistan’s Programme
The latest selection also marks the first inclusion of MUFG Securities Asia Limited and Mashreq Bank PSC in Pakistan’s sovereign capital market programme.
Officials said adding new international financial institutions will broaden Pakistan’s engagement with global investors and expand its access to international financing channels.
The government hopes that a diversified banking network and regular participation in global debt markets will strengthen investor confidence and support its broader economic and fiscal financing strategy.
