Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a virtual meeting from Washington, D.C., with the senior leadership of the consortiums of international banks under Pakistan's Global Medium-Term Note (GMTN) Program and International Sukuk Program. The meeting marked the commencement of the Government's strategic partnership with the selected financial institutions.
Following an evaluation process conducted in accordance with the criteria and procedures prescribed in the Requests for Proposals (RFPs), the Government of Pakistan has successfully concluded the competitive procurement process for the appointment of consortiums of international banks under its Global Medium-Term Note (GMTN) Program and International Sukuk Program. The financial institutions selected for each consortium, i.e. Eurobonds, International Sukuks, and PKR Denominated-USD Settled Bonds, have now been announced as follows:
1. Eurobonds: The consortium banks include Standard Chartered Bank, Citibank, N.A., Deutsche Bank AG, Emirates NBD Capital, and MUFG Securities Asia Limited.
2. International Sukuks: The consortium banks include Standard Chartered Bank, Dubai Islamic Bank PJSC, Citibank, N.A., Emirates NBD Capital, and Mashreq Bank PSC.
3. PKR-denominated USD Settled Bonds: The consortium banks include Standard Chartered Bank, Citibank, N.A., and Deutsche Bank AG.
The consortiums have been appointed for a period of three years and will support Pakistan's sovereign capital market issuances across both conventional and Islamic financing instruments. Upon completion of the required documentation and fulfillment of all applicable formalities, the Government of Pakistan intends to utilize these structures for frequent issuances, as and when required, in line with its financing strategy.
This selection is not a one-off event, but rather 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.
Pakistan's re-engagement with international capital markets is supported by the country's improving macroeconomic environment. Sustained fiscal consolidation, the rebuilding of external buffers, strengthening debt sustainability indicators, and the continued implementation of structural reforms have collectively reinforced investor confidence and reinforced Pakistan's economic credibility. The positive reassessment of Pakistan's improving macroeconomic outlook is also evident from the significant compression in sovereign credit spreads, with market pricing increasingly reflecting stronger underlying credit fundamentals and confidence in the country's reform trajectory.
The Government's objective extends beyond raising financing to developing a diversified, 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 welcomes the selected consortium banks and looks forward to working closely with them in supporting the successful execution of Pakistan's sovereign capital market transactions.
