Govt picks Rs160.85bn through Sukuk auction via PSX against a target of Rs250bn

May 30, 2025 (MLN): The Pakistan Stock Exchange (PSX) conducted an auction today for the sale of Government of Pakistan Ijara Sukuk (GIS) bonds, raising Rs160.85 billion.

against the Rs250bn target set for GIS Variable Rental Rate (VRR) and GIS Fixed Rental Rate (FRR) and GIS FRD.

According to the details made available by the local bourse, the bids received stood at Rs697.3bn, out of which Rs110.56bn were received for GIS FRD, Rs275.39bn for GIS VRR and Rs311.36bn for GIS FRR, respectively.

From the aggregate bids received for the 1-year GIS FRD, a sum of Rs40.68bn was accepted, comprising of Rs38.83bn in competitive bids and the remaining Rs1.84bn in non-competitive bids.

The cut-off price for the respective bond stood at Rs90.73, which is a rental yield of 10.25% (-0.75bps).

For the GIS VRR, a total amount of Rs75.98bn was picked by the government, with Rs0m raised through the 3-year GIS VRR, Rs35.38bn through 5-year GIS VRR and Rs40.6bn from the sale of 10-year variable Sukuk.

Of the total Rs75.98bn, Rs74.93bn was accepted through competitive bids, while the remaining Rs1.05bn comprised non-competitive bids accepted for the respective category of GIS bonds.

The cut-off price was Rs0 for GIS 03-Year VRR and Rs0 for GIS 05-Year VRR.

Meanwhile a total amount of Rs44.19bn from the GIS FRR, out of which Rs27.28bn was raised through the 3-year GIS VRR, Rs6.91bn through 5-year GIS VRR and Rs10bn from the successful auction of 10-year Sukuk

The breakup of the target for today's auction shows that the aim was to raise Rs75m through the sale of 1-year GIS FRD, and Rs100m each for GIS VRR and Rs75m through GIS FRR.

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