Pakistan’s Finance Ministry has invited bids from international consortiums to serve as underwriters, lead managers and book runners for future transactions in global capital markets over the next three years, according to an official statement.

The selected bidders will be chosen based on the lowest yield, lowest coupon and lowest overall cost, an official said.

The move is aimed at enabling the government to raise funds from global capital markets as needed, depending on external financing requirements.

Up to three consortiums are expected to be appointed to manage Pakistan’s key capital market transactions. These include the renewal of the country’s Global Medium-Term Note (GMTN) Programme and the Sukuk Trust Certificate Issuance (TCI) Programme for a three-year period.

The programs will support a range of international issuances, including Eurobonds — such as ESG, green, gender, sustainable and sustainability-linked bonds — as well as international Sukuk and local currency-denominated bonds settled in U.S. dollars.

Earlier this week, Pakistan increased the size of its Eurobond issuance to $750 million. The bond, arranged by a consortium led by Standard Chartered Bank, carries a markup of 6.975% and matures in April 2029. The proceeds are intended to refinance part of the country’s repayments to the United Arab Emirates at a similar rate.

The Finance Division said it is seeking services for structuring and executing updates to both the GMTN and Sukuk TCI programs, along with managing issuances under these frameworks.

Interested bidders must register through the government’s electronic procurement system to access request-for-proposal documents and submit technical and financial bids online. The deadline for submissions is May 25, with bids to be opened the same day.

The selection process will follow a least-cost-based method as outlined in the request for proposals. Bidders are also required to submit a notarized affidavit confirming they have not been blacklisted by any government or semi-government organization and are not involved in pending litigation.