Pakistan’s Sovereign Ijarah Sukuk Issuance to be Re-opened to Raise PKR 150 Billion

A circular issued by the State Bank of Pakistan (SBP) on the 19th of August 2020 states that subsequent to the issuance of the first Ijarah Sukuk, the SBP will conduct an auction for the reopening of the existing Sukuk issuance, should the Government of Pakistan require additional funds. This is in place of issuing a new Sukuk entirely.

According to the SBP’s circular, the Government has announced the reopening of the existing five-year Ijarah Sukuk, originally issued in July 2020 and set to mature in July 2025, in order to raise PKR 150 billion worth of additional funds.

The auction target calendar for the issuance of fixed and variable rental rate Government Ijarah Sukuk has...