Engagement of International Underwriters and Lead Managers for GMTN and Sukuk TCI Programs

The Finance Division, Ministry of Finance, Islamabad, is procuring the engagement of international underwriters, lead managers, and bookrunners for its Global Medium-Term Note (GMTN) Program and Sukuk TCI Program. This procurement targets three consortia to manage issuance of Eurobonds, international Sukuks, and PKR-denominated USD-settled bonds over a three-year period. The scope includes structuring, pricing, underwriting, syndicate management, investor outreach, roadshows, book-building, and allocation to ensure broad international distribution and high-quality order books. The technical scope covers comprehensive financial and transaction advisory services, including coordination with legal, Shariah, and regulatory advisors, preparation of offering circulars, marketing materials, and execution of issuance strategies. The consortia will also provide currency hedging, risk management, and post-issuance support including ESG and sustainable bond reporting. The engagement requires expertise in international capital markets, sovereign debt instruments, and compliance with global standards. Eligible bidders must be internationally recognized financial institutions with proven experience in underwriting and managing sovereign bond issuances. They should demonstrate strong market standing, financial strength, and a capable deal team including onshore presence in Pakistan. Registration with relevant authorities and adherence to FBR/ATL requirements are expected. The procurement follows a least cost selection method with a single stage two-envelope procedure. Proposals must be submitted electronically via e-PADS by 1600 hrs PST on May 25, 2026. Technical and financial proposals are to be submitted separately, with the technical proposal opened first. The procuring agency is Finance Division, Ministry of Finance, located at Room 103, S Block, Pak Secretariat, Islamabad. Contact person is Ms. Rabia Ahmed, CFA, reachable at +92 51 9217851 or +92 323 4565339, email rae@finance.gov.pk. A practical tip for bidders is to ensure strict compliance with the bid securing declaration and submission guidelines on e-PADS, as non-adherence may lead to disqualification. Early preparation of technical and financial proposals aligned with the detailed evaluation criteria will enhance chances of success. Understanding the nuances of international bond markets and providing clear, comprehensive execution strategies is critical in this competitive process.