Govt picks Rs69bn through Sukuk auction via PSX
By MG News | July 25, 2024 at 05:25 PM GMT+05:00
July 25, 2024 (MLN): The Pakistan Stock Exchange (PSX) conducted an auction today for the sale of Government of Pakistan Ijara Sukuk (GIS) bonds, raising Rs68.96 billion through the sale of 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 Rs383.28bn, out of which Rs201.42bn were received for GIS FRD, Rs130.02bn for GIS VRR and Rs51.84bn for GIS FRR, respectively.
From the aggregate bids received for the 1-year GIS FRD, a sum of Rs18.24bn was accepted, comprising Rs16.94bn in competitive bids and the remaining Rs1.3bn in non-competitive bids.
The cut-off price for the respective bond stood at Rs85.34, which is a rental yield of 17.225%.
For the GIS VRR, a total amount of Rs11.01bn was picked by the government, with Rs5.56bn raised through the 3-year GIS VRR and Rs5.45bn through the sale of 5-year GIS VRR.
Of the total Rs11.01bn, Rs10.1bn was accepted through competitive bids, while the remaining Rs911.89m comprised non-competitive bids accepted for the respective category of GIS bonds.
The cut-off price was Rs101.8 for GIS 03-Year VRR and Rs102.26 for GIS 05-Year VRR.
Meanwhile, a total amount of Rs39.71bn For the GIS FRR, out of which Rs19.39bn was raised through the 3-year GIS FRR and Rs20.33bn through the successful auction sale of 5-year GIS FRR.
The 3-year FRR bond was sold at a cut-off price of 100.326, while the 5-year GIS FRR cut-off price was 100.3386.
| Competitive | Non-Competitive | Total | |
| GIS FRD | 16936.8 | 1298.79 | 18235.59 |
| GIS VRR | 10100 | 911.89 | 11011.89 |
| GIS FRR | 39253.48 | 460.22 | 39713.7 |
| Net Total | 66290.28 | 2670.9 | 68961.18 |
Amount in Rs Million
In a related development, the National Clearing Company of Pakistan Limited (NCCPL) has announced the successful disbursement of the first rental payment for certain GIS.
According to a notice issued by the clearing company to PSX today, the disbursement includes the following GIS bonds:
- 3-Year Fixed Rental Rate - Maturity 24-Jan-27
- 5-Year Fixed Rental Rate - Maturity 24-Jan-29
- 3-Year Variable Rental Rate - Maturity 24-Jan-27
- 5-Year Variable Rental Rate - Maturity 24-Jan-29
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