Govt accepts Rs38bn face value in GoP Ijarah Sukuk Outright Purchase
MG News | June 23, 2026 at 08:10 PM GMT+05:00
June 23, 2026 (MLN): The State Bank of Pakistan (SBP)
conducted an auction for the outright purchase of Government of Pakistan Ijarah
Sukuk (GIS) on a deferred payment (Bai Muajjal) basis, with a sukuk delivery
date of June 24, 2026.
The government successfully accepted
Rs38.4bn in face value terms across three different tenors, translating to a
total deferred Bai Muajjal value of Rs56.135bn.
Bids Received
Tenders for the outright purchase of
the GIS FRR-24 issue were invited through primary dealers on a deferred payment
basis, with bids received across 183-day, 365-day, and 1,096-day tenors.
Total face value offers received
across all tenors amounted to Rs270.050bn.
The long-term 1,096-day tenor
attracted the overwhelming majority of participation at Rs257.550bn, followed
by Rs7.5bn in the 183-day tenor, and Rs5bn in the 365-day tenor.
Summary of Bids Received — GoP Ijarah
Sukuk (Bai Muajjal)
|
Bai Muajjal Tenor (Days) |
GIS Issue |
Amount Offered (Face Value Rs bn) |
Bai Muajjal Price Range |
|
183 |
GIS FRR-24 |
7.5 |
115.31 - 115.80 |
|
365 |
GIS FRR-24 |
5 |
121.59 - 121.82 |
|
1,096 |
GIS FRR-24 |
257.55 |
151.35 - 154.42 |
|
Total |
270.05 |
Auction Results & Acceptance
Out of the total competitive offers,
the government accepted a total face value of Rs38.4bn.
The 1,096-day tenor led the acceptance
volume with Rs30.4bn in face value taken at a cut-off deferred price of 153.23,
resulting in a deferred Bai Muajjal amount of Rs46.582bn.
The 365-day tenor was fully accepted
at Rs5bn with a cut-off deferred price of 121.82 (Bai Muajjal amount of Rs6.091bn).
Meanwhile, the 183-day tenor saw Rs3bn
accepted at a cut-off deferred price of 115.39, translating to a Bai Muajjal
amount of Rs3.462bn.
Auction Acceptance Results — GoP
Ijarah Sukuk (Bai Muajjal)
|
Bai Muajjal Tenor (Days) |
GIS Issue |
Cut-off Deferred Price |
Amount Accepted (Face Value Rs bn) |
Bai Muajjal Amount (Rs bn) |
|
183 |
GIS FRR-24 |
115.39 |
3 |
3.462 |
|
365 |
GIS FRR-24 |
121.82 |
5 |
6.091 |
|
1,096 |
GIS FRR-24 |
153.23 |
30.4 |
46.582 |
|
Total |
38.4 |
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