Govt raises Rs32bn in fresh green sukuk auction

By MG News | Category Fixed Income | May 16, 2025 at 10:16 PM GMT+05:00

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May 16, 2025 (MLN): The Government of Pakistan has successfully raised Rs31.99 billion through the issuance of a fresh 3-Year Variable Rate Green Ijarah Sukuk (GIS-VRR), according to auction results released today.

The auction, conducted via the Pakistan Stock Exchange (PSX) on May 16, 2025, targeted a pre-auction amount of Rs30bn. The issue date and settlement are both scheduled for May 19, 2025, while the maturity date is set for May 19, 2028.

The total bids received for the Sukuk amounted to Rs161.74bn in face value. However, the government accepted bids worth only Rs31.99bn, comprising Rs31.13bn through competitive bids and Rs0.86bn via non-competitive bids.

All accepted bids were settled at a cut-off margin of -61 basis points over the benchmark 6-month weighted average of Market Treasury Bills, which currently stands at 11.2464%. This translates into a net rental rate of 10.6364% for the Sukuk.

This fresh issuance of the Green Sukuk underscored the government’s ongoing efforts to deepen the Islamic finance market while supporting environmentally sustainable infrastructure projects.

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