April 23, 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.76.384 billion.

The SBP received bids worth Rs.190.305 billion against an auction target of Rs.75 billion.

Range of Margin for the bids was between -250 and -75 basis points.

In the competitive auction the SBP picked up Rs. 66.19 billion at a further 10.194 billion from the non-competitive bid at cut off of 125 basis points under the benchmark.

Historically, the benchmark has been the 6 month weighted average yield from the most recent MTB auction, which was 7.8829, which would make the first coupon 6.6329 percent.

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