Liara Sukuk to raise Rs 80 billion

The State Bank of Pakistan (SBP) has announced issuance of a new 3-year Government of Pakistan Liara Sukuk. Under this scheme the federal government has planned to raise Rs 80 billion in the second half of current 2010-11 fiscal year, said an official statement on Tuesday.
The State Bank has issued details of Liara Sukuk issuance programme including details of the underlying asset and the related documentation. Similarly, an auction calendar has also been announced by the SBP for the GoP Liara Sukuk for the second half of FY11. Two auctions will be conducted in the second half of FY11 with a total auctions target of Rs 80 billion.
First and second auctions will be conducted in December. Target for the auctions is Rs 40 billion. Total value of the assets under the present issuance programme of Liara Sukuk is Rs 191.43 billion. This is the first time an auction calendar has been announced for GoP Liara Sukuk along the same lines as is issued for Treasury Bills and Pakistan Investment Bonds.