Tender Details
Description / Scope of Work
National Grid Company of Pakistan Limited (NGC) invites proposals for the appointment of lead managers to structure and execute a Shariah-compliant Sukuk financing programme through Pakistan's debt capital market. The programme has a total size of up to PKR 100 billion with a maximum tenor of 10 years and a 3-year mandate period. The inaugural issuance is targeted at up to PKR 20 billion with completion within 3 months of approval, subject to regulatory and market conditions. The consortium will comprise up to five financial institutions, with at least one Islamic financial institution mandatory. NGC is a critical infrastructure entity issuing public offerings to be listed on Pakistan Stock Exchange Limited (PSX), representing a substantial capital market transaction in Punjab.
Financial institutions bidding individually must demonstrate firm underwriting commitments, proven Sukuk and debt capital market track records over the last five years, and experience with Government of Pakistan and public-sector entities. Bidders must possess strong financial standing evidenced by credit ratings and capital adequacy ratios for the preceding two years. Technical qualifications require minimum scores of 50 points across eight evaluation criteria including underwriting capacity, transaction experience, Sukuk structure expertise, public-sector transaction history, financial strength, deal team profiles, post-issuance support capability, and retail distribution strategy.
Technical and Financial Proposals must be submitted individually and separately through e-PADS under open competitive bidding following the Single Stage–Two Envelope procedure per PPRA regulations. Technical proposals will be evaluated first; financial proposals of qualified bidders will be opened subsequently. Proposals remain valid for 90 days from submission. Consortium formation prioritizes the lowest-fee bidder first, then extends offers to highest-scoring technically qualified institutions in descending order until five members are selected. All consortium members share joint responsibility for structuring, underwriting, investor outreach, book-building, allocation and execution of Sukuk issuances.
For Bidders: Our Analysis PAKISTANTENDER INSIGHT
Independent analysis by PakistanTender, written with AI from the official notice and checked by our quality rules — not part of the official notice. Always confirm details against the original tender document.
NGC seeks a consortium of lead managers for a landmark PKR 100 billion Sukuk programme with PKR 20 billion inaugural tranche.
This is a premium, structured transaction requiring deep Sukuk expertise, PSX listing experience, and proven capability with government-backed entities. The 3-month execution timeline for debut issuance is aggressive; bidders must demonstrate internal capital headroom and genuine underwriting appetite. Consortium selection mechanism favours lowest-cost technically qualified firms, creating competitive fee pressure. Recurring mandate across three years with potential for multiple tranches makes this strategically valuable but operationally demanding.
Who can bid: Financial institutions bidding must be individually registered/licensed with relevant regulatory bodies (State Bank of Pakistan for banks, SECP for investment banks/brokers). Bidders require documented Sukuk or debt capital market transactions completed in the last five years, minimum underwriting capacity commitment against PKR 20 billion base, and credit ratings for two preceding years. Typically, bidders must have central bank operating licences and meet minimum capital adequacy ratios. At least one consortium member must be an Islamic financial institution.