January 25, 2022 (MLN): Yields on seven-year international Sukuk to raise $1 billion were set at 7.95%, as per various reports.

The issue date for the Sukuk is Jan 31, 2022, and the maturity date of Jan 31, 2029.

This is the country’s fourth international Sukuk issue.

So far, during FY22 the government has raised $2bn through internal Sukuk and Eurobond against a budgeted target of $3.5bn. Other issues for $1.5bn will likely follow after the completion of the International Monetary Fund program.

The issue will bolster foreign exchange reserves and support rupee.

The State Bank of Pakistan has ensured the availability of adequate reserves to meet potential FX requirements during the remainder period of FY22.