Pakistan has started the process to raise funds through a new US dollar-denominated Eurobond, offering investors two long-term maturity options of five and 10 years as the government looks to return to international capital markets.

Khurram Shehzad, Adviser to the Finance Minister, announced the move on X, saying the Ministry of Finance and Revenue had launched the transaction, subject to market conditions.

The bond will be offered in two tranches, giving investors a choice between the long five-year and 10-year maturities.

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

The latest Eurobond move comes after several upgrades to Pakistan’s sovereign credit ratings and improvements in the country’s macroeconomic position. The government is seeking to use these developments to rebuild investor confidence and regain access to international capital markets.

The transaction will now proceed to investor engagement and bookbuilding, after which the government will determine the final pricing and terms based on market conditions.