Pakistan government has appointed consortiums of leading international banks for Pakistan’s Global Medium-Term Note (GMTN) and international Sukuk programmes, paving the way for future sovereign capital market transactions under its external financing strategy.
According to a Finance Division statement issued on Tuesday, Finance Minister Muhammad Aurangzeb, currently in Washington, D.C., held a virtual meeting with senior executives of the selected banks, marking the start of the government’s strategic partnership with the financial institutions.
The appointments, made through a competitive procurement process, will remain valid for three years and cover Eurobonds, International Sukuks and PKR-denominated, US dollar-settled bonds.
The Eurobond consortium comprises Standard Chartered Bank, Citibank, Deutsche Bank AG, Emirates NBD Capital and MUFG Securities Asia Limited. The International Sukuk consortium includes Standard Chartered Bank, Dubai Islamic Bank, Citibank, Emirates NBD Capital and Mashreq Bank, while the PKR-denominated USD-settled bond consortium consists of Standard Chartered Bank, Citibank and Deutsche Bank AG.
The Finance Division said the consortiums would support Pakistan’s sovereign capital market issuances through both conventional and Islamic financing instruments. The government plans to access international markets as financing needs arise after completing the required documentation and regulatory formalities.
The statement said the appointments form part of a broader strategy to establish a stable, diversified and sustainable external financing framework rather than a one-time fundraising exercise. It added that the inclusion of MUFG Securities Asia Limited and Mashreq Bank expands Pakistan’s engagement with global financial institutions.
The government said improving macroeconomic indicators, fiscal consolidation, stronger external buffers, progress on structural reforms and narrowing sovereign credit spreads have strengthened investor confidence and enhanced Pakistan’s prospects for re-entering international capital markets.
It added that the objective is to diversify the country’s investor base, optimise borrowing costs and strengthen Pakistan’s long-term presence in global debt markets.
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