June 18, 2020 (MLN): The State Bank of Pakistan (SBP) conducted an auction on Thursday in which it sold variable interest rate GOP Ijara Sukuk worth Rs.47.239 billion.

The SBP received bids worth Rs.115.298 billion against an auction target of Rs.75 billion.

Range of Margin for the bids was between -50 and +54 basis points.

In the competitive auction the SBP picked up Rs.46.442 billion at a further Rs.797.5 million from the non-competitive bid at cut off of 10 basis points under the benchmark.

The benchmark 6 month weighted average yield from the most recent MTB auction, which was 7.4786 percent which would make the first rental rate 7.3786 percent.

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