Pakistan Launches Dual-Tranche US Dollar Eurobond Offering

The Government of Pakistan has started the process for a US dollar benchmark Eurobond offering consisting of two tranches with five-year and 10-year maturities. Khurram Shehzad, Adviser to the Finance Minister, announced the transaction as a move to restore the country's access to international capital markets after a period of external financing pressure.

The initiative follows several sovereign credit rating upgrades and improved macroeconomic conditions. This effort builds on a previous return to the international market in April 2026, during which Pakistan raised $500 million through a three-year Eurobond. The current process will now move into investor engagement and bookbuilding to determine the final terms of the offering.

Citi, Deutsche Bank, Emirates NBD Capital, MUFG, and Standard Chartered are serving as joint lead managers and joint bookrunners for the transaction.