Govt eyes Rs1.7tr via PSX sukuk auctions over next three months

MG News | May 11, 2026 at 07:08 PM GMT+05:00

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May 11, 2026 (MLN): The Government of Pakistan is targeting to raise Rs1.7 trillion during the three months from May 2026 till July 2026 through the PSX auction system of GoP Hybrid Sukuk (GHS) and GoP Ijarah Sukuk (GIS), according to the revised auction calendar released by the Debt Management Office (DMO) of the Ministry of Finance.

The breakup of the target reveals that the GoP aims to raise Rs1.20tr during this period through Discounted & Variable Rental Rate (VRR) GoP Hybrid Sukuk, and Rs500bn through Fixed Rental Rate (FRR) GoP Hybrid Sukuk and Fixed Rate Zero Coupon (FRZ) GoP Ijarah Sukuk.

Category	Target Amount (Rs Bn)
GHS (Discounted & Variable Rental Rate)	1,200
GHS (Fixed Rental Rate) & GIS (Fixed Rate Zero Coupon)	500
Total	1,700

The GoP plans to conduct six auctions of the Discounted & Variable Rental Rate GHS in the next three months to meet its Rs1.20tr target, offering 1-year and 10-year tenors.

In May, two auctions are scheduled: the first on May 13 with a target of Rs200bn, and the second on May 20 with a target of Rs200bn.

Moving forward, two auctions are scheduled within June 2026, the first on June 10 with a target of Rs200bn, and the second on June 23 with a target of Rs200bn.

Additionally, two auctions are also scheduled for July 2026, the first on July 07 with a target of Rs200bn, and the last on July 21 with a target of Rs200bn.

Auction Calendar — Discounted & Variable Rental Rate (VRR) GoP Hybrid Sukuk (GHS)

Auction Date	Settlement Date	1-Year Target (Rs Bn)	10-Year Target (Rs Bn)	Target Auction Size (Rs Bn)
13-May-26	14-May-26	150	50	200
20-May-26	21-May-26	150	50	200
10-Jun-26	11-Jun-26	150	50	200
23-Jun-26	24-Jun-26	150	50	200
07-Jul-26	08-Jul-26	150	50	200
21-Jul-26	22-Jul-26	150	50	200
Total		900	300	1,200

Moreover, the GoP aims to raise Rs500bn through the sale of Fixed Rental Rate (FRR) GHS and Fixed Rate Zero Coupon (FRZ) GIS, offering 3-year, 5-year, and 10-year tenors.

For these fixed-rate instruments, the GoP will conduct three auctions this quarter, with targets of Rs150bn on May 18, Rs150bn on June 17, and Rs200bn on July 02.

Auction Calendar — Fixed Rental Rate (FRR) GHS / Fixed Rate Zero Coupon (FRZ) GIS

Auction Date	Settlement Date	3-Year Target (Rs Bn)	5-Year Target (Rs Bn)	*10-Year Target (Rs Bn)**	Target Auction Size (Rs Bn)
18-May-26	19-May-26	50	50	50	150
17-Jun-26	18-Jun-26	50	50	50	150
02-Jul-26	06-Jul-26	75	75	50	200
Total		175	175	150	500

According to the DMO notice, the issuance of the 10-Year FRR Zero Coupon shall specifically be under the Ijarah structure.

The aforementioned information was disseminated through a notification to Exchange.

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