Pakistan selects global banks for Eurobond, Sukuk and PKR-denominated bond issuances

The government has selected international financial institutions to underwrite and manage Pakistan’s planned debt issuances under the Global Medium-Term Note, international Sukuk and PKR-denominated USD-settled bond programmes.

According to the Finance Division’s final evaluation report issued under Rule 35 of the Public Procurement Rules, 2004, the Debt Management Office completed the procurement through the Single Stage, Two Envelope method and selected consortium members on a least-cost basis.

Standard Chartered Bank, Citibank, Deutsche Bank, Mitsubishi UFJ Financial Group and Emirates NBD were selected for the Eurobond Consortium.

Standard Chartered Bank received the highest technical ranking, followed by Citibank, Deutsche Bank, MUFG and Emirates NBD. Mashreq Bank and GIB Capital were not selected.

Emirates NBD submitted the lowest evaluated financial bid and was selected first, while the other four institutions were chosen in accordance with the Request for Proposal. Where financial bids were equal, preference was given to the institution with the higher technical score.

For the PKR-denominated USD-settled bond programme, Standard Chartered Bank, Citibank and Deutsche Bank were selected after emerging as the three highest technically ranked bidders. 

Mashreq Bank was not shortlisted.

The financial bids of the three leading technically qualified institutions were assessed first. Standard Chartered Bank was preferred over Deutsche Bank after both submitted equal financial bids because it had achieved a higher technical score.

The International Sukuk Consortium will comprise Standard Chartered Bank, Dubai Islamic Bank, Citibank, Emirates NBD and Mashreq Bank.

Standard Chartered Bank topped the Sukuk technical rankings, followed by Dubai Islamic Bank, Citibank, Emirates NBD and Mashreq Bank.

The report said Mashreq Bank, Standard Chartered Bank and Deutsche Bank submitted identical financial bids, with Standard Chartered Bank receiving preference because of its higher technical score.

MUFG, Abu Dhabi Islamic Bank, Sharjah Islamic Bank, Deutsche Bank and the Islamic Corporation for the Development of the Private Sector also participated but were not selected for the Sukuk consortium.

The evaluated cost included the all-in fee, expressed in basis points, covering underwriting charges and other components but excluding rating expenses. The charges will apply separately to each issuance under the programmes.

The Debt Management Office conducted the procurement, with bids opened on July 2, 2026, after the May 25 submission deadline.

The evaluation committee included senior officials from the Finance Division, the Debt Management Office and the State Bank of Pakistan.