Karachi: The Pakistan Stock Exchange (PSX) has released a revised auction calendar for the sale of Government of Pakistan (GoP) Ijarah Sukuk, detailing the auction and settlement dates, as well as targeted auction sizes for different tenors. This information was disseminated through a PSX notice dated April 9, 2025, aligning with the designated market category.

The upcoming auctions are scheduled to take place from May to July 2025. The first auction for 1-year Sukuk is set for May 29, 2025, with a settlement date on May 30, 2025, targeting an auction size of 50.00 billion PKR. Subsequent auctions for 1-year Sukuk will be held on June 25, 2025, and July 23, 2025, with target sizes of 30.00 billion PKR and 25.00 billion PKR, respectively. The total targeted auction size for 1-year Sukuk stands at 105.00 billion PKR.

For the 3-year GoP Ijarah Sukuk, the auction dates are May 29, June 25, and July 23, 2025, with respective settlement dates a day after each auction. The target auction sizes for these tenors are 50.00 billion PKR, 40.00 billion PKR, and 100.00 billion PKR, summing up to a total of 190.00 billion PKR.

In the 10-year Sukuk category, auctions will be conducted on the same dates as the 1-year and 3-year Sukuk, with settlement occurring the following day. The target sizes for these auctions are 50.00 billion PKR, 30.00 billion PKR, and 75.00 billion PKR, respectively, culminating in a total of 155.00 billion PKR.

According to information available from the Pakistan Stock Exchange (PSX), the 10-year GoP Ijarah Sukuk with a fixed rental rate will be a zero-coupon instrument. Additionally, the 3-year Sukuk with a variable rental rate will be discontinued from May 2025.

The revised auction calendar outlines a comprehensive plan for the sale of GoP Ijarah Sukuk, with a cumulative target size of 450.00 billion PKR across the different maturities. This initiative reflects the ongoing efforts to manage the government's financial needs through structured and transparent financial instruments.