Government Selects Banking Consortiums for GMTN and Sukuk Issuance

The government has officially appointed consortiums of international banks to support Pakistan's Global Medium-Term Note (GMTN) and International Sukuk programmes, marking a key step in the country's strategy to strengthen its access to global capital markets.

 

Finance Minister Senator Muhammad Aurangzeb, currently in Washington, D.C., held a virtual meeting with senior representatives of the selected financial institutions, formally launching the government's partnership with the consortiums.

 

Following a competitive procurement process, the government selected Standard Chartered Bank, Citibank, Deutsche Bank, Emirates NBD Capital, and MUFG Securities Asia Limited for the Eurobond programme. The International Sukuk consortium comprises Standard Chartered Bank, Dubai Islamic Bank, Citibank, Emirates NBD Capital, and Mashreq Bank, while Standard Chartered Bank, Citibank, and Deutsche Bank were appointed for the PKR-denominated USD-settled bond programme.

 

The three-year mandates will support Pakistan's future sovereign bond issuances across both conventional and Islamic financing instruments, with issuances to be made as required under the government's financing strategy.

 

The Finance Ministry said the initiative forms part of a broader effort to establish a diversified and sustainable external financing framework, supported by improving macroeconomic conditions, fiscal consolidation, stronger external buffers, and ongoing structural reforms. The government added that the expanded banking consortium is expected to broaden Pakistan's investor base, optimise borrowing costs, and reinforce its long-term presence in international capital markets.