Heavy participation was witnessed in the auction of 3-year Government of Pakistan Ijara Sukuk bond, however the State Bank of Pakistan has accepted bids worth Rs 15.325 billion for the sale of Sukuk bond. Tender for Sale of 3-Year Government of Pakistan Ijara Sukuk was invited by the State Bank of Pakistan, Karachi through designated primary dealers from March 3 to 4, 2009.
Bids were opened at 11:30am on March 4, 2009 and overall Rs 21.425 billion bids for the sale of Ijara Sukuk were received against the target of Rs 10 billion. However, the SBP has accepted bids worth Rs 15.325 billion on some -25 to +85 bps cut-off margin of benchmark, which would be applicable to all accepted bids.
The SBP has informed that as per the Rules, the maturity period of the first Sukuk issue will be for three years from the date of issue. The profit on the Sukuk shall be paid semi-annually on the basis of rental rate announced by the State Bank of Pakistan prior to start of each half year.
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