The State Bank of Pakistan on Saturday invited tenders for sale of 3-Year Government of Pakistan Ijara Sukuk (GIS). Tenders have been invited by the Director, Domestic Markets & Monetary Management Department (DMMD), State Bank of Pakistan, Karachi from designated Primary Dealers for the Sukuk in accordance with the provisions of SBP, FSCD circular No 13 dated 6th September 2008:
Tender would be received from August 31 to September 5, 2009 11:15 hours and would be opened at 11:30 hours. Result would be announced on September 5, and September 7 has been fixed for signing of subscription with settlement on September 17, 2009. 1st Rental Coupon would be determined one day prior to the settlement date.
SBP has set a target of Rs 10 billion for the sale of 3-year Ijara Sukuk and said that maximum remaining value of the assets under the present issuance program of Ijara Sukuk is Rs 15.54 billion. The central bank has right to reject bids without assigning any reason.
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