Karachi: The Pakistan Stock Exchange (PSX) has announced the listing of the Government of Pakistan (GoP) Ijarah Sukuk (GIS), which will commence trading in the secondary market starting May 6, 2025. This listing follows the primary market auction conducted by PSX on April 30, 2025, with the subsequent settlement occurring on May 2, 2025.
The GIS will be traded on the Jade Trading Terminal (JTT), a BnB-enabled terminal, and will feature four different issue types: a 1-Year GIS-Discounted maturing on April 30, 2026; a 3-Year GIS-FRR maturing on May 2, 2028; a 5-Year GIS-VRR maturing on May 2, 2030; and a 10-Year GIS-VRR maturing on May 2, 2035.
According to information available from the Pakistan Stock Exchange (PSX), the instruments have been assigned specific symbol codes, with the cut-off prices and rental percentages detailed for each. The 1-Year GIS-Discounted has a cut-off price of 90.2290 and a cut-off rental of 10.8888%. The 3-Year GIS-FRR, 5-Year GIS-VRR, and 10-Year GIS-VRR each have a cut-off price of 100.0000, with rental percentages of 11.4900%, 11.4273%, and 11.6973%, respectively.
The face value of each Sukuk is set at Rs. 5,000, with trades occurring in multiples of this amount. The minimum and maximum buy/sell order quantities are Rs. 5,000 and Rs. 5,000,000,000, respectively, with a maximum order value of PKR 6.00 billion. The trading will follow a continuous auction settlement cycle, with T+1 for auctions and T+0 for negotiated deals in the market.
Clearing, settlement, and risk management will be overseen by the National Clearing Company of Pakistan Limited (NCCPL), and custody will be held with the Central Depository Company of Pakistan Limited (CDC). The designated market category for this listing is debt securities.
Market participants are advised to ensure the use of the NCSS Settlement Report and BnB Trade Log for verifying settlement values post-trade execution. Non-Broker Clearing Members engaged in market making for listed debt securities can also participate in trading these newly issued GIS for their proprietary portfolios.
For further assistance, market participants can contact PSX, NCCPL, or CDC through the provided contact numbers.