The government is in the process of working out the technical and financial bids regarding the soon to be issued Eurobonds.
As per news reports, the government will also hire advisers and issue these dollar-denominated bonds early next week.
Finance Ministry Spokesperson, Kamran Afzal, spoke to the media, saying, “We will complete the process and select the advisers by the end of this or early next week”.
He informed that the government plans to raise $1 billion through these Eurobonds by December or January. “We can go up depending on the response from the international market,” he said.
Six interested investors have applied so far, which includes global lenders like JP Morgan, Deutsche Bank, Dubai Islamic Bank, Citi Bank, Credit Suisse, and Standard Chartered Bank.
However, the finance ministry is yet to finalize the list of successful financial bidders. There are plans to hire two consortiums through an open competitive process. These consortiums will include five financial institutions for Eurobonds and four for Sukuk.
The appointed consortiums will have the task of assisting the government structure the bonds. They will also be responsible for managing, coordinating and executing other related activities with the issuances.
This expected bond sale will be the first by the incumbent government to raise funds. Prior to this, in 2017, Pakistan raised $1 billion in five-year Sukuk and $1.5 billion in 10-year Eurobonds.