Citibank offers to help government float sovereign bonds

Citibank delegation met Dar on Saturday, and offered to help raise credit from international market.

Web Desk July 27, 2013
A delegation of Citi Bank met Finance Minister Ishaq Dar on Saturday. PHOTO: AFP/FILE

ISLAMABAD: As the government comes to grips with the country's finances, the federal finance minister met with a delegation from Citibank on Saturday.

An official statement read that the Citibank delegation offered its expertise and services to the government of Pakistan for floating sovereign bonds and raising capital from international market.

The Citibank team pointed out that the May election was well received by credit markets as evident from the Eurobonds falling by minus two per cent immediately after the the new government took office.

CCO Citibank Pakistan Nadeem Lodhi said that the bank was ready to work with the government to help devise products for raising credit from the international market.

The finance minister said that he is confident the government would be able to overcome the challenges facing the economy once the measures taken by it start showing results.

Dar added that the measures they had already taken, including paying off circular debt and securing an IMF loan had yielded a good response, with many international banks and financial institutions extending the government their support.

The delegation comprised Citibank's Head of Debt Capital Markets for Middle East and CEO East Islamic Bank Samad Sirohey, Head of Loan Syndication Razwan Shaikh, CCO Citi Pakistan Nadeem Lodhi, Amir A Khan, Corporate Head Citibank Pakistan and Vice President Islamabad Salman Mian met Finance Minister Ishaq Dar.


Alter Ego | 9 years ago | Reply


$500 million is small beer compared to the money stashed away by Pakistanis in Citibank's Swiss Accounts.

Maverick | 9 years ago | Reply

"Citibank offers to help government float sovereign bonds"

The headline suggests that they are going to HELP the government by doing this. How very kind of them! They are going to charge a fee arent they or are they going to do it for free?! In which case, the Govt can ask for proposals from several banks (Credit Suisse, Merrill Lynch, JP Morgan, Deutsche Bank to name but a few) and then select a lead manager on that basis.

In competitive bidding, Citibank will probably come last and this time there wont be a Citibank mafia sitting in Islamabad to hand them the deal on a sliver platter- although rumour has it Shaukat Tareen (ex PPP Finance Minister) is cosying up to the Nawaz Sharif government!

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