Bai Mujjal Auction: Government rejects all bids, announces new auction

MG News | June 25, 2020 at 07:15 PM GMT+05:00

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June 25, 2020 (MLN): The Government of Pakistan rejected all bids in the auction to repurchase the GOP Ijara Sukuk.

According to the State Bank of Pakistan, the total bids received were Rs.25.15 billion against a target of Rs.67 billion with a price range of 127.73 – 134.65.

All bids were rejected.

Earlier the SBP Monetary policy committee had reduced the policy rate by another 100 basis points, which might have influenced the Government's decision.

Furthermore, the SBP announced a fresh auction for the purchase of GOP Ijara Sukuk by Government of Pakistan on deferred payment (Bai Mujjal basis).

The auction will be conducted on June 26, 2020 and results will be announced on the same the date with the Bai Mujjal Maturity date being June 26, 2023.

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