KARACHI: In a significant development, the government of Pakistan has decided to conduct the auction of 1-year lease Sukuk bonds on the Pakistan Stock Exchange (#PSX) on Friday, December 8, 2023.
This marks the first occasion of such a bond auction taking place on the PSX, which was previously the domain of banks. The government aims to raise Rs 30 billion (USD 105 million) through Islamic papers with a 1-year maturity at a discount (zero coupon).
These bonds will also be tradable on the PSX, contributing to the growth of the bond market in Pakistan. This move is expected to facilitate substantial progress in the bond market, providing an opportunity for thousands of retail investors who engage in stock trading through brokers to participate in purchasing these Sukuk bonds.
It is anticipated that the production of these bonds in Friday’s auction will be in the range of 20-22%.
