AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: The Pakistan Stock Exchange (PSX) has released a revised schedule for the auction of Government of Pakistan Ijarah Sukuk (GIS) for the last quarter of 2024, targeting an ambitious PKR 975 billion across various tenures. According to information available from the Pakistan Stock Exchange (PSX), the revised calendar details auctions for both fixed and variable rental rate GIS, with specific dates set for settlements in October, November, and December 2024.
The PSX will conduct three short-term Sukuk auctions with a 12-month tenure, each aiming to raise PKR 50 billion on October 14 and November 11, and PKR 100 billion on December 23. Settlements for these auctions will occur the day following each auction.
Furthermore, six additional auctions are scheduled for fixed and variable rental rates with longer tenures of three, five, and ten years. Each auction in these categories is set to raise substantial amounts, with the auctions on October 14 and November 11 each targeting PKR 75 billion, and the December 23 auctions aiming for PKR 150 billion.
These GIS issuances are part of the government’s broader strategy to finance its needs through Shariah-compliant instruments. The variable rental rate Sukuk will be a fresh issuance, based on the six-month weighted average yield of the T-Bill from the October 3 auction. The auctions are designed to provide various investing opportunities for market participants, and further details will be provided prior to each auction as stated in the notice.
Jawad H. Hashmi, General Manager and Chief Market Operations Officer at PSX, affirmed the Exchange’s commitment to ensuring a transparent and efficient market process for these important financial instruments. The notice has also been disseminated to key financial and market associations in Pakistan, emphasizing the strategic importance of these instruments in the broader financial landscape of the country.