Pakistan receive bid offers from ten top international financial institutions
ISLAMABAD - Pakistan has received bids from 10 institutions to become advisers for a global bond sale as the country seeks to improve its finances.
According to the sources, Pakistan has received bids from 10 institutions, including JP Morgan, Chase & Co. and Citigroup for becoming the financial advisers 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 for floating Eurobonds and Sukuk bonds.
Pakistan is looking to raise finances to reduce its fiscal deficit that rose to the highest level in three decades during the last fiscal year which ended in July. The nation is looking to stabilize its economy and curb its deficits as part of a $6 billion bailout agreement signed with the International Monetary Fund in May.
According to the State Bank’s data, the nation’s foreign exchange reserves stand at $7.8 billion, enough for less than two months of imports.
However, the reserves got a boost when foreigners bought $342 million of debt in the quarter through September, compared with virtually zero inflows in the past two years, as reported by Bloomberg link .