Pakistan Appoints International Banks for $2 Billion Bond Issuance

The federal government has selected international banking consortiums to help raise at least $2 billion through global bond issuances during fiscal year 2026-27 as part of its strategy to strengthen external financing.

The selected banks will advise Pakistan on issuing both conventional and Islamic debt instruments under the country’s Global Medium Term Note Programme and International Sukuk Programme. The fundraising plan will include Eurobonds, international sukuk, and Pakistani rupee denominated bonds settled in US dollars.

For the Eurobond program, the government selected Standard Chartered Bank, Citibank, Deutsche Bank AG, Emirates NBD Capital, and MUFG Securities Asia Limited. The consortium for international sukuk includes Standard Chartered Bank, Dubai Islamic Bank PJSC, Citibank, Emirates NBD Capital, and Mashreq Bank PSC. For Pakistani rupee denominated US dollar settled bonds, the selected institutions are Standard Chartered Bank, Citibank, and Deutsche Bank AG.

Finance Minister Senator Muhammad Aurangzeb held a virtual meeting from Washington with senior executives of the selected banking consortiums, officially launching the government’s partnership with the international financial institutions.

According to the Finance Ministry, Pakistan’s future sovereign bond issuances will include both conventional and Islamic financing instruments. The government plans to make regular bond issuances after completing the required documentation and regulatory formalities, in line with its long term financing strategy.

Officials said the appointments are part of a broader effort to build a diversified and sustainable external financing framework rather than a one time fundraising exercise. The inclusion of MUFG Securities Asia Limited and Mashreq Bank also expands Pakistan’s partnerships with leading international financial institutions.