Govt raises Rs194.96 billion through Sukuk auction, targets Rs250 billion in next sale

The government secured Rs194.96 billion from three- and five-year Hybrid Sukuk at the November 4 sale, nearly double its Rs100 billion goal, Profit by Pakistan Today reported. Bids worth Rs378.45 billion were lodged for these two maturities, but authorities accepted Rs134.84 billion in three-year papers and Rs60.12 billion in five-year papers. Their respective coupon rates were 12% and 12.25%.

Bids for a separate 10-year Ijarah Sukuk, which had a Rs25 billion target, were all turned down. The next sale is scheduled for November 11, with the government seeking Rs250 billion through four instruments: three-month, six-month, one-year and 10-year Sukuk. The planned amounts are Rs25 billion each for the first two, Rs50 billion for the one-year paper and Rs150 billion for the 10-year issue. PSX said settlement will follow on November 12.