| Complete Name |
Government Ijara Sukuk – Variable Rental Rate |
| Abbreviations |
GIS – VRR |
| Bond Type |
Floating Rate Coupon Bond |
| Sector (Conventional/Islamic) |
Islamic |
| Rate of Return (Fixed/Floating) |
Floating till maturity |
| Coupon Payment Frequency |
Semi – Annual |
| Coupon Components |
Benchmark + Margin |
| Coupon Benchmark |
Weighted average yield of the 3-month Market Treasury Bills (MTBs) as determined in the last 3-month MTB auction held prior to the floating rate PIB’s auction or resetting of coupon. Or if auction is rejected or there is no participation from the market, the average of 3-month (i.e. 61 – 90 days) PKRV applicable for last five working days prior to the PFL auction or the day on which coupon is due to be reset, as the case may be, will be used as an alternate coupon rate. |
| Margin |
In bps determined in Fresh auction of GIS-VRR |
| Current Active Tenors |
05 Years |
| Day Count Conventions |
ACT/365 |
| Minimum Denomination for Investment and Investment Multiples |
PKR 100,000.0 |
| Maximum Investment Limit |
No Limit |
| Taxes |
As per applicable laws |
| Current Auction Frequency |
Monthly |
| Competitive Bid Auction Method |
Uniform Price |
| Eligible Investors for Competitive Bids (CB) |
All investors |
| Maximum Number of CBs in each tenor of auction |
Multiple Bids allowed |
| Non Competitive Bids (NCB) Pricing Method |
Uniform Price |
| Eligible Investors for NCBs |
All investors other than banks (scheduled, specialized and microfinance)/ DFIs/ Investment Banks |
| Upper NCB limit |
Linked with pre-auction target i.e. 0.25% of the auction target subject to maximum of Rs. 250 million. |
| Maximum Number of NCBs in each tenor of auction |
One (01) Bid only. In case of multiple bids, all NCBs will stand cancelled. |
| Auction Calendar |
Click Here |
| Latest Auction Result |
Click Here |
| Pricing Calculator |
Click Here |
| Historical Data on Auctions |
Click Here |
