Pakistan picks global banks for future Eurobond, Sukuk issuances

July 21, 2026 (MLN): Pakistan has selected consortiums of leading international financial institutions to manage its Global Medium-Term Note (GMTN) and International Sukuk programs, a move aimed at broadening external funding sources and strengthening its long-term access to global capital markets.

The appointments, announced by the Ministry of Finance on Tuesday, follow a competitive selection process and cover a three-year period.

The chosen banks will advise and support future sovereign debt transactions across conventional and Shariah-compliant instruments, including Eurobonds, international sukuks and PKR-denominated, US dollar-settled bonds.

While in Washington, D.C., Finance Minister Muhammad Aurangzeb held a virtual meeting with senior executives of the selected institutions to formally launch the strategic partnership.

For future Eurobond issuances, the government appointed Standard Chartered Bank, Citibank, Deutsche Bank, Emirates NBD Capital and MUFG Securities Asia Limited.

The consortium for international sukuk transactions includes Standard Chartered Bank, Dubai Islamic Bank PJSC, Citibank, Emirates NBD Capital and Mashreq Bank PSC.

Meanwhile, Standard Chartered Bank, Citibank and Deutsche Bank were selected to support PKR-denominated, US dollar-settled bond issuances.

According to the Finance Ministry, the appointments establish a long-term financing platform rather than a single fundraising exercise, allowing Pakistan to access international debt markets as financing needs arise, subject to completion of the required documentation and regulatory approvals.

The ministry noted that the inclusion of MUFG Securities Asia Limited and Mashreq Bank marks an expansion of Pakistan's relationships with global financial institutions and is expected to enhance the country's international market outreach.

It added that Pakistan's improving macroeconomic indicators including fiscal consolidation, stronger external reserves, better debt sustainability metrics and ongoing structural reforms have contributed to improving investor sentiment.

Narrowing sovereign credit spreads were also cited as evidence of rising confidence in the country's economic outlook.

The government aims to establish a diversified, market-based funding framework that broadens its investor base, lowers borrowing costs and strengthens Pakistan's long-term presence in international capital markets.

In a separate engagement in Washington, Muhammad Aurangzeb met a delegation from Honeywell Technologies, led by Vice President and General Manager Barry Glickman, to discuss investment opportunities in Pakistan's refining sector.

The discussions focused on upgrading and expanding domestic refinery infrastructure using Honeywell's refining technologies and equipment.

Potential financing avenues, including support from the U.S. Export-Import Bank (EXIM), the U.S. International Development Finance Corporation (DFC), export credit agencies and international commercial banks, were also explored.

Muhammad Aurangzeb said refinery modernization would help increase domestic refining capacity, reduce reliance on imported petroleum products and reinforce Pakistan's energy security while supporting industrial development and long-term economic growth.

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