Karachi: Pakistan Stock Exchange Limited has scheduled an auction for the sale of Government of Pakistan Ijarah Sukuk (GIS) for the month of August 2024, targeting a substantial mobilization in government securities.

The auction, set for August 15, 2024, will feature three categories of GIS with varying terms and fixed to variable rental rates. According to information available from the Pakistan Stock Exchange (PSX), the auction will follow the guidelines outlined in the Auction Target Calendar for August. The first category, a short-term GIS with a 12-month duration, has a target auction size set at 20 billion PKR. Settlement for this short-term GIS will occur the following day, on August 16, 2024.

Furthermore, the auction includes GIS with fixed and variable rental rates with a three-year and five-year maturity. Both categories aim for a total target auction size of 40 billion PKR, evenly split with 20 billion PKR allocated for three-year securities and another 20 billion for those maturing in five years. The settlement date for these securities is also marked for August 16, 2024.

The PSX has confirmed that detailed auction notices and additional relevant information will be provided to all market participants ahead of the auction date to ensure transparency and preparedness among potential investors.