November 7, 2003	Friday	Ramazan 11, 1424

ISLAMABAD, Nov 6: The government has shortlisted four international banks and investment companies, out of total of 12, to float $500 million worth of Eurobonds on behalf of Pakistan.

Official sources told Dawn here on Thursday that JP Morgan, ABN Amro Bank, the UBS and Deutsche Bank had been shortlisted and asked to give their final presentations to the authorities on Saturday (Nov 8).

Citibank is also expected to be included in the list for finalizing a lead-manager to float Eurobonds on behalf of Pakistan.

The sources said the government was interested in setting up a consortium of two to three banks and investment companies so that the proposed bonds were floated at competitive terms.

Meanwhile, the government has decided to float these much-publicised bonds during mid-January to mid-February 2004 instead of December this year.

“It will take about six to eight weeks to complete the legal requirements and that is why it is not possible to float these bonds by December 2003 as was earlier planned,” a source said. He added that delay of 30-40 days would not cause any problem to the government or the lead-manager to be appointed.

The ministry of finance officials believed that a highly favourable environment had been created for the launching of bonds by Pakistan as Moody’s Investor Services had upgraded Pakistan’s credit rating and Standard and Poor’s has indicated to offer better credit rating.

They also said the IMF decision to offer two tranches of $248 million simultaneously, out of $1.4 billion Poverty Reduction and Growth Facility (PRGF), would also help the government in this respect.

According to the officials, the government had so far received a “very good price” from 12 international banks and investment companies interested in floating the bonds.