UBL executes Pakistan’s largest-ever $270mn interest rate swap with Jazz

Jazz and UBL Execute Pakistan’s Largest PKR 75 Billion Interest Rate Swap Transaction

ISLAMABAD – January 19, 2026: Jazz, Pakistan’s leading digital connectivity provider, has successfully executed a PKR 75 billion Interest Rate Swap (IRS) transaction with United Bank Limited (UBL), marking the largest interest rate swap ever concluded in Pakistan. The landmark transaction represents a significant advancement for Pakistan’s financial markets and reflects Jazz’s disciplined, forward-looking approach to financial risk management. T…

UBL executes Pakistan’s largest-ever $270mn interest rate swap with Jazz

United Bank Limited (UBL), one of Pakistan’s largest commercial banks, has executed Pakistan’s largest-ever Interest Rate Swap (IRS), entering into a Rs75 billion (USD 270 million) transaction with Pakistan Mobile Communications Limited (Jazz). The agreement, which occurred on Friday, converts the telecom operator’s floating-rate exposure into a fixed-rate obligation. This would enhance its “cost visibility and long-term financial planning certa…