Govt raises Rs116bn in Hybrid Sukuk auction
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MG News | April 15, 2026 at 04:37 PM GMT+05:00
April 15, 2026 (MLN): The Government of Pakistan raised a
combined Rs116.4bn 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 Rs200bn.
Total bids received across both instruments reached Rs290.3bn in face value, with investor appetite diverging sharply between
the two tenors on offer. Both instruments will be issued and settled on April
16, 2026.
1-year fixed rate discounted sukuk (GHS-FRD)
The 1-Year Fixed Rate Discounted GoP Hybrid Sukuk carried a
pre-auction target of Rs150 bn. Total face-value bids received amounted
to Rs94.09 bn, indicating subdued demand relative to the government's
fundraising ambition for this instrument. The rental rate range of bids spanned
88.35 to 90.1146.
The government accepted Rs. 67.17 billion in total face
value, comprising Rs. 66.33 billion from competitive bids and Rs. 839.9 million
from non-competitive bids. All accepted bids were settled at a uniform cut-off
rental rate of 11.80% and a cut-off price of 89.4713. The instrument matures on
April 15, 2027.
|
Category |
Maturity date |
Face value (Rs. mn) |
Cut-off rental (%) |
Cut-off price |
|
Bids received |
15-Apr-27 |
94,090.440 |
— |
— |
|
Competitive accepted |
15-Apr-27 |
66,329.7 |
11.8 |
89.4713 |
|
Non-competitive accepted |
15-Apr-27 |
839.9 |
11.8 |
89.4713 |
|
Total accepted |
15-Apr-27 |
67,169.6 |
11.8 |
89.4713 |
All amounts in PKR million. Face value basis.
10-year variable rental rate sukuk (GHS-VRR)
The 10-Year Variable Rental Rate GoP Hybrid Sukuk attracted
markedly stronger interest, with face-value bids totalling Rs196.20 bn
against a pre-auction target of Rs50 bn, a subscription ratio of nearly
four times. The reference rate for this instrument, based on the latest 6-month
weighted average Market Treasury Bills, stood at 11.3685%.
Despite the heavy oversubscription, the government exercised
restraint and accepted Rs49.20 bn in face value, marginally below its
own stated target. Accepted competitive bids totalled Rs49.20 bn and
non-competitive bids a nominal Rs65,000. All accepted bids carried a cut-off
margin of 35 basis points over the reference rate, producing a net rental rate
of 11.7185%. The instrument matures on April 16, 2036.
|
Category |
Maturity date |
Face value (Rs. mn) |
Cut-off margin |
Net rental rate (%) |
|
Bids received |
16-Apr-36 |
196,200 |
— |
— |
|
Competitive accepted |
16-Apr-36 |
49,200 |
35bps |
11.7185 |
|
Non-competitive accepted |
16-Apr-36 |
0.065 |
35bps |
11.7185 |
|
Total accepted |
16-Apr-36 |
49,200.065 |
35bps |
11.7185 |
All amounts in PKR million. Face value basis.
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