Karachi: The Pakistan Stock Exchange Limited has revised its auction calendar for the sale of Government of Pakistan Ijarah Sukuk (GIS), which will be conducted from November 2024 to January 2025. The new schedule outlines specific dates for auctions of short-term and fixed, as well as variable rental rate sukuks.

According to information available from the Pakistan Stock Exchange (PSX), the adjusted auction target calendar was released following PSX Notice# PSX/N – 971 dated October 2, 2024. The revision affects auctions scheduled between November 6, 2024, and January 6, 2025, targeting an aggregate size of 750 billion PKR across various tenors.

The Short Term Sukuk auctions will start on November 6, 2024, with a settlement the following day and will feature a total issuance of 250 billion PKR exclusively in one-year tenors. Subsequent auctions will maintain the same format, with December and January dates targeting 100 billion PKR and 50 billion PKR, respectively.

For Fixed Rental Rate Sukuks, the first auction is also set for November 6, 2024, aiming for a distribution of 100 billion PKR across one, three, five, and ten-year tenors. This pattern repeats in December and adjusts in January 2025, with a reduced target of 50 billion PKR spread across later maturity periods totaling 250 billion PKR for the entire term.

The Variable Rental Rate Sukuks follow a similar schedule and distribution as the fixed ones, with initial offerings slated for November 6, 2024, and identical target sizes for subsequent months. The total for this category is also pegged at 250 billion PKR. Each auction under the Fixed and Variable Rental Rates is noted as a re-opening of the issue dated October 21, 2024.

Market participants are advised to stay updated as auction notices and further details will be communicated prior to each event.