September 06, 2024 (MLN): The government is targeting to raise Rs860 billion during the next three months (September-November) of 2024, through the auction of GOP Ijara Sukuk (GIS) that will be conducted by the Pakistan Stock Exchange Limited (PSX).
The aim is to raise a total of Rs350bn through the sale of 1-year Islamic Bonds during this period.
Additionally, PSX will auction 3-year and 5-year fixed-rate Islamic bonds to raise a total of Rs255bn.
An equivalent amount of Rs255bn is aimed to be raised by selling GIS-floating rate bonds with tenures of 3 and 5 years.
The auction calendar released by the local bourse reveals that the first GIS auction is scheduled for September 16, during which the domestic equity market aims to raise a total of Rs250bn.
According to the breakdown of the total amount, PSX plans to raise Rs100bn through GIS (short term), and Rs75bn each through GIS (Fixed Rate) and GIS (floating rate).
Likewise, PSX will host one auction in October, with a target of Rs500bn through Islamic bonds of different tenures.
Of the total amount to be raised, Rs200bn will be obtained through short-term GIS, while Rs150bn each will be raised through fixed-rate and floating-rate GIS
Moving forward, November will also witness only one auction, on November 14 to borrow Rs110bn in total
The government plans to raise this amount by selling Rs50bn worth of short-term GIS, and 30bn each through fixed and floating GIS.
| Auction Calendar of GIS Auction through PSX | |||||
|---|---|---|---|---|---|
| GIS [Short Term: 12 Months] | |||||
| Auction Date | Settlement Date | Target Auction Size (PKR in Billion) | |||
| 16-Sep-24 | 18-Sep-24 | 100 | |||
| 3-Oct-24 | 4-Oct-24 | 200 | |||
| 14-Nov-24 | 15-Nov-24 | 50 | |||
| Total | 350 | ||||
| GIS [Fixed Rate] | |||||
| Auction Date | Settlement Date | Tenor Wise Targets | Targets | ||
| 3 years | 5 years | 10 years | Total Target Auction Size | ||
| 16-Sep-24 | 18-Sep-24 | 25 | 25 | 25 | 75 |
| 3-Oct-24 | 4-Oct-24 | 50 | 50 | 50 | 150 |
| 14-Nov-24 | 15-Nov-24 | 10 | 10 | 10 | 30 |
| Total | 85 | 85 | 85 | 255 | |
| GIS [Floating Rate] | |||||
| Auction Date | Settlement Date | Tenor Wise Targets | Targets | ||
| 3 years | 5 years | Total Target Auction Size | |||
| 16-Sep-24 | 18-Sep-24 | 25 | 25 | 25 | 75 |
| 3-Oct-24 | 4-Oct-24 | 50 | 50 | 50 | 150 |
| 14-Nov-24 | 15-Nov-24 | 10 | 10 | 10 | 30 |
| Total | 85 | 85 | 85 | 255 | |
Copyright Mettis Link News
Posted on: 2024-09-06T12:46:44+05:00
