SBP to Hold Auction of PKR 75 Billion GOP Ijara Sukuk This Week

April 21, 2020 | Updated at April 22, 2020

The State Bank of Pakistan (SBP) is expected the hold an auction this week for a five-year Variable Rental Rate (VRR) Government of Pakistan (GOP) Ijara Sukuk to raise PKR 75 billion.

The SBP published a revised auction schedule for Ijara Sukuk, according to which it is expected to conduct another auction in the month of April 2020.

Last week the SBP rejected all bids in the auction for GOP Ijara Sukuk as it had reduced the policy rate by 200 basis points (bps). According to the SBP, the auction received bids worth PKR 176.897 billion against an auction target of PKR 75 billion at a range of margin between -225 to +25 bps over the benchmark rate.