August 04, 2023 (MLN): The State Bank of Pakistan (SBP) has successfully raised Rs191.3 billion through the sale of 1-year, 3-year, and 5-year GOP Ijara Sukuk (GIS) Variable Rental Rate (VRR) and GIS Fixed Rental Rate (FRR) in an auction held on Thursday.
According to the central bank, the auction received bids worth Rs103.95bn for the GIS VRR with a price range of 0 basis points (bps) to 170bps for 1 year, 85bps for 3-year, and 99.95bps for 5-year, respectively.
Out of the total bids received, SBP accepted a total of Rs71.17bn from which Rs61.17bn was accepted at a cut-off margin of 84bps for 1 year, Rs5bn was accepted at a cut-off margin of 85bps for 3 years, and Rs4.998bn was accepted at a cut-off margin of 99.95bps for 5 years.
The SBP also conducted an auction for the GIS FRR and received bids worth Rs221.42bn with a fixed rental range of 21.29-22.15% for 1 year, a price range of 100.2768 – 98.3331 for 3 years, and 15.99% for 5 years.
Out of this, the SBP accepted Rs120.13bn at a cut-off rental rate of 22.15% for 1 year and a price range of 98.874 for 3 years.
No bids were received or accepted for the GIS FRR with a fixed rental range of 5 years.
The settlement date for the successful bids is August 07, 2023.
