ISLAMABAD – Pakistan has received bids from 10 institutions to becomeadvisers for a global bond sale as the country seeks to improve itsfinances.
According to the sources, Pakistan has received bids from 10 institutions,including JP Morgan, Chase & Co. and Citigroup for becoming the financialadvisers for the sale of Eurobonds and Sukuk or Islamic bonds.Ad
The bidders who want to advise Pakistan are as follows:
– Bank of China Ltd. – Citigroup – JP Morgan – Dubai Islamic Bank PJSC – Emirates NBD PJSC – Industrial & Commercial Bank of China Ltd – Deutsche Bank AG – Credit Suisse Group AG – CLSA Ltd – Standard Chartered Plc
Out of ten, two consortiums will be hired to put structures in place forfloating Eurobonds and Sukuk bonds.
Read Top Stories
Pakistan is looking to raise finances to reduce its fiscal deficit thatrose to the highest level in three decades during the last fiscal yearwhich ended in July. The nation is looking to stabilize its economy andcurb its deficits as part of a $6 billion bailout agreement signed with theInternational Monetary Fund in May.
According to the State Bank’s data, the nation’s foreign exchange reservesstand at $7.8 billion, enough for less than two months of imports.
However, the reserves got a boost when foreigners bought $342 million ofdebt in the quarter through September, compared with virtually zero inflowsin the past two years, as reported by Bloomberglink.
