Govt raises Rs108bn in Hybrid Sukuk auction

MG News | September 03, 2026 at 09:28 AM GMT+05:00

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September 03, 2026 (MLN): The Government of Pakistan raised a combined Rs108.3bn in face value through its latest Government of Pakistan Hybrid Sukuk (GHS) auction conducted via the PSX Auction System, falling short of the aggregate pre-auction target of Rs175bn.

Fixed Rate Discounted GoP Hybrid Sukuk (GHS-FRD) — Fresh Issue

Tenders for fresh issues of 3-Month, 6-Month, and 1-Year Fixed Rate Discounted GoP Hybrid Sukuks were invited against a pre-auction target of Rs75bn.

The auction accumulated total face value bids of Rs177.494bn across all three tenors.

Of the total amount raised across these discounted instruments, Rs57.317bn came through competitive bids.

The 1-Year tenor led with Rs32.095bn in accepted face value at a cut-off yield of 11.9890%, followed by the 3-Month tenor at Rs20.032bn with a cut-off yield of 11.5401%, and the 6-Month tenor at Rs5.191bn with a cut-off yield of 11.7400%.

Competitive Bids — Fixed Rate Discounted GHS

Tenor	Face Value Accepted (Rs bn)	Cut-off Price	Cut-off Yield (%)
3-Month	20.032	97.4129	11.5401%
6-Month	5.191	94.4698	11.74%
1-Year	32.095	89.3207	11.9890%
Total	57.317

An additional Rs3.119bn was accepted through non-competitive bids Rs1.431bn in the 3-Month, Rs0.984bn in the 1-Year, and Rs0.704bn in the 6-Month tenor.

Non-Competitive Bids — Fixed Rate Discounted GHS

Tenor	Face Value Accepted (Rs bn)	Weighted Avg Price	Weighted Avg Yield (%)
3-Month	1.431	97.4243	11.4880%
6-Month	0.704	94.4850	11.7059%
1-Year	0.984	89.3448	11.9587%
Total	3.119

The grand total raised through the Fixed Rate Discounted GHS auction, inclusive of both competitive and non-competitive bids, stood at Rs60.435bn in face value terms.

Total Acceptance (Competitive + Non-Competitive) — Fixed Rate Discounted GHS

Tenor	Face Value Accepted (Rs bn)
3-Month	21.463
6-Month	5.894
1-Year	33.078
Total	60.435

10-Year Variable Rental Rate GoP Hybrid Sukuk (GHS-VRR) — 3rd Re-Opening

Concurrently, , the PSX held the 3rd re-opening of the 10-Year Variable Rental Rate (VRR) GoP Hybrid Sukuk (originally issued on July 23, 2026) against a pre-auction target of Rs100bn, with the reference/coupon rate for the first period set at 11.3904%.

This long-term floating instrument witnessed strong participation, fetching total face value bids of Rs499.050bn within a price range of 97.1652 to 98.7552.

The government accepted a total face value of Rs47.873bn.

This final acceptance comprised Rs47.750bn taken through competitive bids at a cut-off price of 98.4171 (cut-off yield of 11.6594%), alongside Rs0.123bn accepted via non-competitive bids at a weighted average price of 98.5438.

Auction Result — 10-Year VRR GoP Hybrid Sukuk

Category	Face Value (Rs bn)	Cut-off Price / Wtd Avg Price	Cut-off Yield / Wtd Avg Yield (%)
Total Bids Received	499.050
Competitive Accepted	47.750	98.4171	11.6594%
Non-Competitive Accepted	0.123	98.5438	11.6373%
Total Acceptance	47.873

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