Karachi: The Government of Pakistan’s Ijarah Sukuk (GIS) is slated to commence trading on the Pakistan Stock Exchange (PSX) secondary market starting February 10, 2025, following its successful issuance through a primary market auction held on February 4, 2025, and settled on February 6, 2025. This listing marks a significant development for market participants in the debt securities category.
The trading of the GIS will be facilitated via the Jade Trading Terminal (JTT), a BnB-enabled platform, allowing for efficient and streamlined transactions. This particular GIS issue is a 1-year discounted instrument with a maturity date of February 4, 2026, and a cut-off price of 90.7493 PKR with a cut-off rental yield of 10.2499%. The face value of the instrument is set at 5,000 PKR, and trading can occur in multiples of the same amount.
According to information available from the Pakistan Stock Exchange (PSX), market participants will be able to engage in both continuous auction and negotiated deals market, with T+1 and T+0 settlement cycles, respectively. The maximum buy/sell order value is capped at 1.00 billion PKR, offering significant flexibility for large-scale investors.
The National Clearing Company of Pakistan Limited (NCCPL) and the Central Depository Company of Pakistan Limited (CDC) will handle the clearing, settlement, and custody functions respectively, ensuring a robust risk management framework. Market participants are encouraged to refer to the NCSS Settlement Report and BnB Trade Log for accurate verification of their post-trade settlement values.
For further assistance regarding trading in the secondary market, participants can contact PSX at 021-3527 4401 to 4410 for support related to the JTT – BnB Enabled Terminal, and NCCPL at 021-111-111-622 for registration as a Debt Market Clearing Member (DMCM) and other settlement-related inquiries.