ISLAMABAD, AUGUST 16: The federal government issued an Ijarah Sukuk bond at the Pakistan Stock Exchange on Thursday, raising Rs. 119 billion against an auction objective of Rs. 100 billion.
This was the major bourse’s 12th auction for the Ministry of Finance.
There were notable changes to the rates for the Government Investment Securities (GIS) auction. The 1-year discounted rate dropped by 123 basis points to 15.99 percent. While the 5-year fixed-rate return (FRR) decreased by 61 basis points to 14.38 percent, the 3-year FRR fell by 63 basis points to 15.0017 percent.
The variable-rate return (VRR) for the three-year period fell to 18.5925 percent, 1.35 percent less than the 19.9427 percent reference rate. In the meanwhile, the 5-year VRR dropped to 18.8326 percent, 1.11 percent less than the 19.9427 percent reference rate. A total of Rs. 451 billion worth of bids were received for the auction.
