Govt appoints international bank consortiums for future sovereign debt issuances
An image showing Eurobonds—BUSINESS RECORDER
The government has appointed consortiums of international banks to manage future sovereign debt issuances under its Global Medium-Term Note (GMTN) and international sukuk programmes, the Ministry of Finance said on Tuesday, marking a step towards the country's planned return to international capital markets.
In a statement posted on X, the ministry said the appointments followed a competitive procurement process conducted in accordance with the criteria set out in the relevant Requests for Proposals (RFPs).
The ministry announced three consortiums covering eurobonds, international sukuks and rupee-denominated, US dollar-settled bonds.
The eurobond consortium comprises Standard Chartered Bank, Citibank, Deutsche Bank AG, Emirates NBD Capital and MUFG Securities Asia Limited.
The international sukuk consortium includes Standard Chartered Bank, Dubai Islamic Bank PJSC, Citibank, Emirates NBD Capital and Mashreq Bank PSC.
The rupee-denominated, US dollar-settled bond consortium comprises Standard Chartered Bank, Citibank and Deutsche Bank AG.
Government Announces Consortiums of International Banks for Pakistan's GMTN and International Sukuks Programs
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a virtual meeting from Washington, D.C., with the senior leadership of the consortiums of… pic.twitter.com/ZCMvG6P3TW— Ministry of Finance, Government of Pakistan (@Financegovpk) July 21, 2026
According to the ministry, the consortiums have been appointed for a three-year term and will support Pakistan's sovereign capital market issuances across both conventional and Islamic financing instruments. Subject to the completion of the required documentation and other formalities, the government intends to utilise these structures for future issuances in line with its financing strategy.
Finance Minister Muhammad Aurangzeb, currently in Washington, DC, held a virtual meeting with senior executives of the selected consortiums, marking the commencement of the government's strategic partnership with the financial institutions, the ministry said.
The ministry said the first-time inclusion of MUFG Securities Asia Limited and Mashreq Bank broadens Pakistan's engagement with leading international financial institutions.
It added that improving macroeconomic indicators, fiscal consolidation, stronger external buffers, progress on structural reforms and narrowing sovereign credit spreads had strengthened investor confidence and improved Pakistan's prospects of re-entering international capital markets.
The initiative is intended to diversify Pakistan's investor base, optimise borrowing costs and strengthen the country's long-term presence in global debt markets, the ministry said.