Pakistan has appointed consortiums of major international banks to lead its Global Medium-Term Note (GMTN) and international Sukuk programmes, a move that sets the stage for future sovereign capital market transactions as the country pursues its external financing strategy.
The Finance Division announced the appointments in a statement issued on Tuesday, confirming that the arrangements followed a competitive procurement process and will remain valid for three years. The mandates cover Eurobonds, International Sukuks and PKR-denominated, US dollar-settled bonds.
Finance Minister Muhammad Aurangzeb, currently in Washington, D.C., held a virtual meeting with senior executives of the selected banks to mark the start of the strategic partnership between the government and the financial institutions.
The Eurobond consortium includes Standard Chartered Bank, Citibank, Deutsche Bank AG, Emirates NBD Capital and MUFG Securities Asia Limited. The International Sukuk consortium comprises Standard Chartered Bank, Dubai Islamic Bank, Citibank, Emirates NBD Capital and Mashreq Bank. The consortium for PKR-denominated, USD-settled bonds consists of Standard Chartered Bank, Citibank and Deutsche Bank AG.
According to the Finance Division, these consortiums will support sovereign capital market issuances through both conventional and Islamic financing instruments. The government intends to approach international markets as financing needs arise, once the required documentation and regulatory formalities are completed.
The statement described the appointments as part of a broader effort to build a stable, diversified and sustainable external financing framework, rather than a one-off fundraising exercise. It noted that adding MUFG Securities Asia Limited and Mashreq Bank to the panel expands the reach of the government engagement with global financial institutions.
Officials said improving macroeconomic indicators, fiscal consolidation, stronger external buffers, progress on structural reforms and narrowing sovereign credit spreads have boosted investor confidence and improved the prospects of a return to international capital markets. The government said the ultimate goal is to diversify the investor base of the country, optimise borrowing costs and strengthen the long-term presence of Pakistan in global debt markets.
