Global debt issuance: Big financial institutions shortlisted

The government has shortlisted several leading international financial institutions to underwrite and manage Pakistan’s planned international debt offerings under the Global Medium-Term Note (GMTN), Sukuk, and PKR-denominated USD-settled bond programmes.

 

According to the Finance Division’s evaluation report prepared under the Public Procurement Rules, the Debt Management Office completed the selection process using the Single Stage, Two Envelope procurement method, with consortium members chosen on the basis of the lowest evaluated cost while meeting technical requirements.

 

For the Eurobond consortium, Standard Chartered Bank, Citibank, Deutsche Bank, Mitsubishi UFJ Financial Group (MUFG), and Emirates NBD were selected. Although Emirates NBD submitted the lowest financial bid, Standard Chartered Bank secured the highest technical score among all bidders. Mashreq Bank and GIB Capital were not shortlisted.

 

For the PKR-denominated USD-settled bond programme, Standard Chartered Bank, Citibank, and Deutsche Bank were chosen after ranking highest in the technical evaluation. Where financial bids were tied, preference was given to the institution with the stronger technical score.

 

The International Sukuk consortium includes Standard Chartered Bank, Dubai Islamic Bank, Citibank, Emirates NBD, and Mashreq Bank. Standard Chartered again achieved the highest technical ranking, while several other bidders, including MUFG, Abu Dhabi Islamic Bank, Sharjah Islamic Bank, Deutsche Bank, and the Islamic Corporation for the Development of the Private Sector (ICD), were not selected for the Sukuk mandate.

 

The report noted that the financial evaluation was based on the all-inclusive fee quoted by each institution, excluding credit rating costs, for individual debt issuances under the programme. The bidding process was overseen by the Debt Management Office, with proposals opened on July 2, 2026, following the submission deadline of May 25, 2026. The evaluation committee comprised officials from the Finance Division, the Debt Management Office, and the State Bank of Pakistan.