Global debt issuance: Big financial institutions shortlisted

ISLAMABAD: The government has shortlisted leading international financial institutions including Standard Chartered Bank, Citibank, Deutsche Bank, Mitsubishi UFJ Financial Group (MUFG), Emirates NBD and Dubai Islamic Bank, to underwrite and manage Pakistan’s planned international debt issuances under the Global Medium-Term Note (GMTN), Sukuk and PKR-denominated USD-settled bond programmes.

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

For the Eurobond Consortium, Standard Chartered Bank secured the top technical ranking, followed by Citibank, Deutsche Bank, MUFG, and Emirates NBD. These five institutions were selected for the consortium, while Mashreq Bank and GIB Capital were not shortlisted.

The evaluation report noted that Emirates NBD submitted the lowest evaluated financial bid and was selected first. The remaining consortium members — Standard Chartered Bank, Citibank, Deutsche Bank and MUFG — were subsequently selected in accordance with the Request for Proposal (RFP). In cases where financial bids were tied, the institution with the higher technical score was given preference.

For the PKR-denominated USD Settled Bonds Consortium, Standard Chartered Bank, Citibank, and Deutsche Bank were selected after emerging as the top technically ranked institutions. Mashreq Bank, despite participating in the bidding process, was not selected.

The report stated that financial bids of the top three technically qualified institutions were evaluated first. As Standard Chartered Bank and Deutsche Bank submitted tied financial bids, Standard Chartered Bank was given preference because of its superior technical score.

For the International Sukuk Consortium, the government selected Standard Chartered Bank, Dubai Islamic Bank, Citibank, Emirates NBD, and Mashreq Bank as consortium members.

According to the evaluation, Standard Chartered Bank topped the technical rankings, followed by Dubai Islamic Bank, Citibank, Emirates NBD, and Mashreq Bank. Although Mashreq Bank, Standard Chartered Bank, and Deutsche Bank submitted identical financial bids, Standard Chartered Bank was preferred because it had secured the highest technical score.

Other bidders, including Mitsubishi UFJ Financial Group, Abu Dhabi Islamic Bank, Sharjah Islamic Bank, Deutsche Bank and the Islamic Corporation for the Development of the Private Sector (ICD), were not selected for the Sukuk consortium despite participating in the procurement process.

The report further stated that the evaluated cost comprised the all-in fee, expressed in basis points, including underwriting fees and other components, excluding ratings costs, to be charged on an individual issuance basis under the programme.

The procurement exercise was conducted by the Debt Management Office of the Finance Division, with the bids opened on July 2, 2026, following the submission deadline of May 25, 2026. The evaluation committee comprised senior officials of the Finance Division, the Debt Management Office, and the State Bank of Pakistan.

Copyright Business Recorder, 2026