The government is preparing to raise up to $1 billion through its inaugural sovereign bond issuance, marking a significant step in expanding its presence in international capital markets. The effort is being coordinated by a high-level committee led by Tanvir Shahriar Ghani, the prime minister’s special assistant on investment and capital markets, with support from JP Morgan, which has been appointed as lead issue manager, global coordinator, bookrunner, and sovereign rating advisor.

According to the finance ministry’s proposal, the government aims to implement policy and institutional reforms to enhance public debt management by making it more efficient, cost-effective, and sustainable, while maintaining medium-term debt risks at manageable levels. By entering global capital markets, authorities seek to diversify funding sources, extend debt maturities, reduce refinancing and rollover risks, and establish a solid foundation for long-term financing needs.

JP Morgan was selected through a single-source procurement process under existing public procurement regulations, due to the specialized nature of sovereign bonds and the investment bank’s extensive global experience. Upon formal appointment, JP Morgan will manage the legal counsel and trustee selection, prepare the offering circular, organize investor roadshows, market the bond, and determine optimal timing and structure. The bank will also provide advice on interactions with international credit rating agencies, with final commission arrangements to be negotiated between both parties.

In preparation for the bond issuance, JP Morgan hosted a breakfast meeting in New York for Prime Minister Tarique Rahman, attracting executives from 15 major institutional investors including BlackRock, PIMCO, TPG, Jane Street, Macquarie, GoldenTree Asset Management, and MetLife. At the event, Rahman emphasized the government’s commitment to attracting foreign investment and integrating more closely with the global financial system. He expressed a clear goal of boosting investment, trade, employment, and technology transfers, while signaling readiness to collaborate with investors and reduce barriers to business.

Alongside the bond initiative, the government has engaged Hong Kong-based Bridgeworks International to advise on capital market reforms and foreign investment attraction for an initial one-year term. Bridgeworks’ mandate covers sovereign bonds, investment funds, telecommunications, digital infrastructure, data centers, renewable energy, and major infrastructure projects. This advisory role is part of wider institutional reforms aimed at reducing reliance on debt financing and encouraging equity-based foreign direct investment.

Domestically, efforts are ongoing to develop the capital market through a range of instruments including corporate bonds, mutual funds, green bonds, sukuk, and municipal bonds. The oversight committee led by Ghani continues to review processes and align domestic operations with international best practices, supported by Bridgeworks’ expertise.

This coordinated approach underscores the government’s strategy to strengthen financial resilience and promote sustainable economic growth by integrating the country more effectively with global capital markets.