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- Consortiums include Standard Chartered Bank, Citibank, Deutsche Bank AG, Mashreq Bank for global bonds issuance
- Consortiums appointed for three years, part of ongoing process to ensure external financing for Pakistan, says government
KARACHI: Pakistan’s government has appointed international banking consortiums to arrange its Eurobond, Sukuk and dollar-settled rupee bond issuances, the Finance Division said on Tuesday, as Islamabad prepares for future borrowing in global capital markets.
Pakistan issued requests for proposals (RFPs) for advisers to arrange its first dollar-settled, rupee-linked bonds alongside fresh Sukuk and Eurobond issues earlier this month. The latest fundraising efforts come after Pakistan’s successful return to international capital markets this year through a $750 million Eurobond and its inaugural $250 million Panda bond, both of which attracted strong investor demand.
The Finance Division said Pakistan has appointed a consortium of banks including Standard Chartered Bank, Citibank, N.A., Deutsche Bank AG, Emirates NBD Capital, and MUFG Securities Asia Limited for Eurobond issues. It added that it has appointed a consortium of banks including Standard Chartered Bank, Dubai Islamic Bank PJSC, Citibank, N.A., Emirates NBD Capital, and Mashreq Bank PSC for issuance of Sukuk bonds.
It also appointed a consortium of banks featuring Standard Chartered Bank, Citibank, N.A., and Deutsche Bank AG for the dollar-settled rupee bond issuances.
“The consortiums have been appointed for a period of three years and will support Pakistan’s sovereign capital market issuances across both conventional and Islamic financing instruments,” the Finance Division said in a statement.
It added that after the completion of the required documentation and fulfillment of formalities, the government intends to utilize these entities for frequent issuances in line with its financing strategy.
The Finance Division said the selection is not a “one-off event” but part of a structured and ongoing process aimed at establishing a stable, diversified and sustainable external financing framework for Pakistan.
“Pakistan’s re-engagement with international capital markets is supported by the country’s improving macroeconomic environment,” it said.
It credited fiscal consolidation, rebuilding of external buffers, strengthening debt sustainability indicators and continued implementation of structural reforms for collectively reinforcing investor confidence and Pakistan’s economic credibility.
“The Government of Pakistan welcomes the selected consortium banks and looks forward to working closely with them in supporting the successful execution of Pakistan’s sovereign capital market transactions,” it concluded.