ISLAMABAD: The Finance Division has selected leading international banks as underwriters, lead managers and bookrunners for Pakistan’s Global Medium-Term Note (GMTN) and Sukuk programmes, according to the final evaluation reports prepared under Rule 35 of the Public Procurement Rules, 2004.
The evaluation shows that the Debt Management Office (DMO) of the Finance Division adopted a least-cost selection method under a single-stage, two-envelope procurement process, with financial bids evaluated among the technically ranked banks.
For the Eurobonds Consortium, Standard Chartered Bank (SCB), Citibank (Citi), Deutsche Bank (DB), Mitsubishi UFJ Financial Group (MUFG) and Emirates NBD (ENBD) were selected. Mashreq Bank and GIB Capital were not selected.
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The evaluation report states that financial bids of the top five technically qualified institutions were evaluated first. ENBD submitted the lowest evaluated financial bid and was selected first, while the remaining consortium members were subsequently selected from among the technically ranked banks in accordance with the prescribed selection method.
In case of a tie, the financial institution with the higher technical score was given the option to become part of the consortium.
For the PKR-denominated USD-settled bonds consortium, SCB, Citi and DB were selected, while Mashreq Bank was not selected.
The report says the three-member consortium was constituted after evaluation of financial bids of the top technically ranked institutions. SCB, which secured the top technical ranking and tied on the financial ranking with DB, was given the option to become part of the consortium, followed by Citi and DB in accordance with the selection method.
The DMO also finalised the International Sukuks Consortium, selecting SCB, Dubai Islamic Bank (DIB), Citi, ENBD and Mashreq Bank.
The other bidders—including MUFG, Abu Dhabi Islamic Bank (ADIB), Sharjah Islamic Bank (SIB), Deutsche Bank and Islamic Corporation for the Development of the Private Sector (ICD)—were not selected.
The report notes that the Sukuk procurement was also conducted under the single-stage, two-envelope procedure using the least-cost selection method. Financial bids of the top five technically ranked institutions were evaluated, with SCB, having the highest technical score, given the option to form the consortium in case of a tie.
The selected banks are expected to form the respective consortia for providing underwriting, lead management and bookrunning services for issuances under the government’s debt programmes.
The evaluation documents, signed by members of the bids evaluation committee comprising senior officials of the Finance Division and State Bank of Pakistan, show that the procurement process was formally completed in accordance with the applicable procurement rules.
Copyright Business Recorder, 2026
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