Govt Raises Rs. 202 Billion in 13th Sukuk Auction At PSX

The government through the Ministry of Finance raised Rs. 202 billion against an initial target of Rs. 250 billion for the 13th auction of a GOP Ijarah Sukuk (GIS) at the Pakistan Stock Exchange (PSX) on September 16, 2024. In total, bids received amounted to Rs. 691.25 billion. The Fixed Rate Discounted 1-year rate clocked in at 15 percent, showing a decrease of 99 basis points. For the Fixed Rental Rate (FRR), the 3-year cut-off rate stands at 13.89 percent, reflecting a reduction of 111.17 basis points. The 5-year FRR cut-off rate is now 13.8450 percent, down by 53.50 basis points. Additionally, the 10-year FRR, introduced as a new issue, came in at 13.0422 percent. Under the Variable Rental Rate category, the reference rate is 17.6183 percent. The 3-year VRR rate clocked 17.3183 percent. The 5-year VRR was 17.4883 percent, reflecting a 0.13 percent cut. The 10-year VRR matches the reference rate at 17.6183 percent and is also a new issue.