Pakistan enlists top global banks for sovereign debt

The federal government has appointed three consortiums of leading international banks to manage Pakistan's future sovereign debt issuances under

The federal government has appointed three consortiums of leading international banks to manage Pakistan’s future sovereign debt issuances under its Global Medium-Term Note (GMTN) and international Sukuk programmes. The move is part of the government’s broader strategy to regain access to international capital markets and strengthen external financing.

The Ministry of Finance announced the appointments on Tuesday. Officials said the banks were selected through a competitive and transparent procurement process carried out under pre-defined financial and technical criteria.

The selected consortiums will provide advisory and financial services for Pakistan’s future issuance of conventional Eurobonds, Islamic Sukuk and rupee-denominated bonds settled in US dollars.

The Eurobond consortium includes Standard Chartered Bank, Citibank, Deutsche Bank AG, Emirates NBD Capital and MUFG Securities Asia Limited.

The international Sukuk consortium consists of Standard Chartered Bank, Dubai Islamic Bank PJSC, Citibank, Emirates NBD Capital and Mashreq Bank PSC.

The consortium for rupee-denominated, US dollar-settled bonds includes Standard Chartered Bank, Citibank and Deutsche Bank AG.

The Finance Ministry said the appointments will remain valid for three years. During this period, the consortiums will support Pakistan’s sovereign borrowing programme through both conventional and Islamic financing instruments.

Officials said any future debt issuance will take place after the completion of all required legal documentation, regulatory approvals and market-related formalities.

Finance Minister Muhammad Aurangzeb, who is currently visiting Washington, DC, held a virtual meeting with senior executives of the selected banks. The meeting marked the beginning of the government’s strategic partnership with the international financial institutions.

The ministry said the inclusion of MUFG Securities Asia Limited and Mashreq Bank has expanded Pakistan’s engagement with leading global financial institutions and is expected to attract a wider range of international investors.

According to the ministry, recent improvements in Pakistan’s economic indicators have strengthened investor confidence. Officials pointed to fiscal consolidation, stronger external financial buffers, progress on structural reforms and narrowing sovereign credit spreads as key factors supporting the country’s planned return to international debt markets.