Karachi: Starting from September 20, 2024, the Government of Pakistan (GoP) Ijarah Sukuk (GIS), which was issued through a primary market auction on September 16 and settled on September 18, will be available for trading in the secondary market at the Pakistan Stock Exchange (PSX).
According to information available from the Pakistan Stock Exchange (PSX), the GIS will be traded on the Jade Trading Terminal (JTT) – a BnB Enabled Terminal. This series of GIS includes instruments with varying maturity dates, from one to ten years, all categorized as fresh issues. The available instruments include a 1-Year GIS with a maturity date of September 17, 2025, and a 10-Year GIS with a maturity date of September 18, 2034, among others.
Each of these instruments has been listed with specific symbol codes, maturity dates, and rental rates. For instance, the symbol P01GIS170925 represents the 1-year discounted GIS, which will mature on September 17, 2025, and offers a cut-off rental rate of 15.0000%. Similarly, the 10-Year GIS-FRR, symbolized as P10FRR180934, offers a cut-off rental rate of 13.0422% and will mature on September 18, 2034.
The trading modalities are detailed with respect to trading platforms, instrument names, issue types, and settlement cycles. The secondary market trading involves a minimum buy or sell order quantity of 5,000 certificates and a maximum order limit set at 1 billion certificates or PKR 1 billion in order value. All trades are to be settled within one day (T+1) for continuous auctions and on the same day (T+0) for negotiated deals.
For risk management, settlement, and custody, the National Clearing Company of Pakistan Limited (NCCPL) and the Central Depository Company of Pakistan Limited (CDC) are involved, ensuring the safe handling of the GIS certificates.
Participants looking for assistance with trading on the secondary market are encouraged to contact PSX, NCCPL, and CDC through their provided contact numbers for various queries including trading on JTT, registration as a Debt Market Clearing Member, and other settlement related inquiries.
All market participants are also advised to refer to the NCSS Settlement Report available on their NCSS terminals and BnB Trade Log available on THIMS for verification of their Settlement Value post execution of their trades.