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The government of Pakistan is planning to gradually re-enter the global financial markets and has selected three consortiums of top international banks to manage the country’s future sovereign debt offerings.
The appointments were made as part of a competitive selection process under the government’s Global Medium-Term Note (GMTN) and international Sukuk programmes announced the Ministry of Finance on Tuesday.
Eurobonds, international Sukuk and rupee-denominated dollar-settled bonds have been separated into different banking groups, according to the ministry.
The Eurobond consortium consists of Standard Chartered Bank, Citibank,Deutsche Bank AG, Emirates NBD Capital and MUFG Securities Asia Limited.
The government has selected Standard Chartered Bank, Dubai Islamic Bank (PJSC), Citibank, Emirates NBD Capital and Mashreq Bank PSC for its international Sukuk issuances.
The consortium behind the bonds are denominated in rupees and settled in the U.S. dollar are Standard Chartered Bank, Citibank and Deutsche Bank AG.
The selected banks have been appointed for a three-year period and will help Pakistan to mobilize funds through conventional and Islamic financial channels, whenever needed, under the country’s financing strategy, the Ministry of Finance said.
The virtual meeting with the high-level management of the selected institutions was led by Minister of Finance Muhammad Aurangzeb, who is in Washington now, to formally kick off the partnership.
The entry of MUFG Securities Asia Limited and Mashreq Bank will boost Pakistan’s relationship with international financial institutions and bring in more foreign investors, officials said.
The ministry said that economic indicators were improving, continuous fiscal reforms, higher foreign exchange stocks and growing investor confidence have created conducive conditions for the return of Pakistan to the international capital markets.
The new banking partnerships are expected to help diversify the government’s investor base, enhance access to international financing and lower interest rates in future debt offerings.
is planning to gradually re-enter the global financial markets and has selected three consortiums of top international banks to manage the country’s future sovereign debt offerings.
The appointments were made as part of a competitive selection process under the government’s Global Medium-Term Note (GMTN) and international Sukuk programmes announced the Ministry of Finance on Tuesday.
Eurobonds, international Sukuk and rupee-denominated dollar-settled bonds have been separated into different banking groups, according to the ministry.
The Eurobond consortium consists of Standard Chartered Bank, Citibank,Deutsche Bank AG, Emirates NBD Capital and MUFG Securities Asia Limited.
The government has selected Standard Chartered Bank, Dubai Islamic Bank (PJSC), Citibank, Emirates NBD Capital and Mashreq Bank PSC for its international Sukuk issuances.
The consortium behind the bonds are denominated in rupees and settled in the U.S. dollar are Standard Chartered Bank, Citibank and Deutsche Bank AG.
The selected banks have been appointed for a three-year period and will help Pakistan to mobilize funds through conventional and Islamic financial channels, whenever needed, under the country’s financing strategy, the Ministry of Finance said.
The virtual meeting with the high-level management of the selected institutions was led by Minister of Finance Muhammad Aurangzeb, who is in Washington now, to formally kick off the partnership.
The entry of MUFG Securities Asia Limited and Mashreq Bank will boost Pakistan’s relationship with international financial institutions and bring in more foreign investors, officials said.
The ministry said that economic indicators were improving, continuous fiscal reforms, higher foreign exchange stocks and growing investor confidence have created conducive conditions for the return of Pakistan to the international capital markets.
The new banking partnerships are expected to help diversify the government’s investor base, enhance access to international financing and lower interest rates in future debt offerings.
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