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PSX to conduct GOP Ijarah Sukuk auction for 1st time in history

ESG Sukuk market poised to surpass 7.5% of global outstanding Sukuk
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December 07, 2023 (MLN): In a significant development, the Pakistan Stock Exchange Limited (PSX) is set to conduct the auction for the sale of 1 year listed Government of Pakistan (GOP) for the very first time in history, according to a notice issued by the local bourse today.

According to the auction calendar released by the local bourse, the government is targeting to raise Rs90 billion from Dec 2023 till Feb 2024 through the auction of GOP Ijarah Sukuk.

The central bank plans to conduct three auctions between December 2023 and February 2024, with one auction scheduled for each respective month to achieve this target.

The first auction is scheduled for December 08, with a target of Rs30bn and settlement on December 11, 2023.

The second auction will be held on January 23, with the same target of Rs30bn, and settlement on January 24, 2023

Lastly, the SBP aims to raise Rs30bn through the auction of GOP Ijara Sukuk in February 2024.

Auction Calendar for GOPIS

Auction Date Signing of Subscription Undertaking Settlement Date Target Auction Size – Rounded Off (PKR in billion)
8-Dec-23 11-Dec-23 11-Dec-23 30
23-Jan-24 24-Jan-24 24-Jan-24 30
20-Feb-24 21-Feb-24 21-Feb-24 30

To recall, he Ministry of Finance (MoF) approved some amendments to the rules governing the issuance, registration, trading, and transfer of GDS through the Capital Market Infrastructure Institutions (CMIIs) such as the Pakistan Stock Exchange (PSX), National Clearing and Settlement Company of Pakistan (NCCPL), and Central Depository Company of Pakistan (CDC)

As per the new arrangement, PSX was authorized to conduct the primary market issuance of government debt Securities, starting from December.

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Posted on: 2023-12-07T12:15:19+05:00