7 Banks to Help Pakistan Launch New International Bonds Over Next 3 Years

The government has selected consortiums of leading international banks to support Pakistan’s future Eurobond, international Sukuk, and PKR-denominated dollar-settled bond issuances under its Global Medium-Term Note (GMTN) and International Sukuk programs.

Finance Minister Muhammad Aurangzeb announced the development during a virtual meeting from Washington, D.C., with senior representatives of the selected banking groups.

Following a competitive evaluation process under the government’s Requests for Proposals (RFPs), Pakistan has finalised the appointment of international banks that will assist in future sovereign capital market transactions.

The selected consortiums include:

Eurobond

• Standard Chartered Bank
• Citibank N.A.
• Deutsche Bank AG
• Emirates NBD Capital
• MUFG Securities Asia Limited

International Sukuks

• Standard Chartered Bank
• Dubai Islamic Bank PJSC
• Citibank N.A.
• Emirates NBD Capital
• Mashreq Bank PSC

PKR-denominated USD-settled bonds

• Standard Chartered Bank
• Citibank N.A.
• Deutsche Bank AG

The appointed consortiums will work with Pakistan for three years and provide support for sovereign fundraising through conventional and Islamic financing instruments.

The government said it plans to use these structures for regular international market issuances, subject to completion of documentation and other regulatory requirements.

The move marks Pakistan’s expanded engagement with global financial institutions, with MUFG Securities Asia Limited and Mashreq Bank joining the country’s financing framework for the first time.

According to the Finance Division, improving fiscal management, stronger foreign exchange reserves, better debt sustainability indicators, and ongoing reforms have helped improve investor confidence and contributed to a decline in Pakistan’s sovereign risk spreads.

The government aims to use the platform to widen its international investor base, reduce financing costs, and strengthen Pakistan’s presence in global capital markets.