The State Bank of Pakistan (SBP) has reported that the government raised Rs74.617 billion through auction of the five-year Government of Pakistan Ijarah Sukuk on Thursday.

The auction target for the Islamic bond had earlier been set at Rs75 billion. The offered amount was Rs114.49 billion.

Out of the total accepted bids, the amount of competitive bids accepted stood at Rs73.46 billion, while non-competitive bids amount was recorded at Rs1.157 billion.

The cut off margin was set at 10 basis points under the benchmark, applicable on all accepted bids.

Previously on April 23, the government raised Rs76.38 billion through an auction of the Islamic bond. In that case, the auction target had been set at Rs75 billion, while the offered amount was Rs190 billion. The next auction is set for June 18, also for Rs75 billion, while another auction, also for Rs75 billion is to be held on July 23.

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