GIS Auction: 1Y Sukuk yield falls below 11%

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MG News | November 06, 2024 at 09:24 PM GMT+05:00

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November 06, 2024 (MLN): The Pakistan Stock Exchange (PSX) conducted an auction today for the sale of Government of Pakistan Ijara Sukuk (GIS) bonds, raising Rs339.15 billion against Rs300bn target for GIS Fixed Rate Discounted (FRD), GIS Variable Rental Rate (VRR), and GIS Fixed Rental Rate (FRR).

The cut-off yield for 1-year FRD fell to 10.99%, down 76 basis points (bps) from last auction.

The cut-off yields for GIS FRR also decreased to 11.5% for the 3-year (-50bps), 12.1% for the 5-year (-43bps), and 11.7% for the 10-year (-104bps).

Moreover, the cut-off yields for GIS VRR stood at 13.2549% for the 3-year (-90bps from reference rate), 13.3959% for the 5-year (-76bps from reference rate), and 13.8227% for the 10-year (-33bps from reference rate).

To note, the reference rate for GIS VRR was 14.1545%

The auction received bids totalling Rs875.22bn, out of which Rs222.71bn were received for GIS FRD, Rs548.7bn for GIS VRR and Rs103.81bn for GIS FRR, respectively.

  Competitive Non-Competitive Total
GIS FRD 107,511.9 8,826.6 116,338.5
GIS VRR 201,145 4,199 205,344
GIS FRR 13,700 3,762.4 174,62.4
Net Total 322,356.9 16,788 339,144.9

Amount in PKR Million

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