Govt raises Rs120bn in Hybrid Sukuk auction

MG News | October 01, 2026 at 09:36 AM GMT+05:00

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October 01, 2026 (MLN): The Government of Pakistan raised a combined Rs119.538bn in face value through its latest Government of Pakistan Hybrid Sukuk (GHS) auction conducted via the PSX Auction System, against its combined pre-auction target of Rs300bn.

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

According to the auction results detailed in Annexure A, 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 Rs150bn.

The auction accumulated total face value bids of Rs71.069bn across all three tenors.

Of the total amount raised across these discounted instruments, Rs45.815bn came through competitive bids.

The 3-Month tenor led with Rs23.730bn in accepted face value at a cut-off yield of 11.9545%, followed by the 6-Month tenor at Rs15.050bn with a cut-off yield of 12.25%, and the 1-Year tenor at Rs7.035bn with a cut-off yield of 12.4945%.

Competitive Bids — Fixed Rate Discounted GHS

Tenor	Face Value Accepted (Rs bn)	Cut-off Price	Cut-off Yield (%)
3-Month	23.730	97.3225	11.9545%
6-Month	15.050	94.2434	12.2500%
1-Year	7.035	88.9203	12.4945%
Total	45.815

An additional Rs2.573bn was accepted through non-competitive bids, Rs1.675bn in the 3-Month, Rs0.483bn in the 6-Month, and Rs0.415bn in the 1-Year tenor.

Non-Competitive Bids — Fixed Rate Discounted GHS

Tenor	Face Value Accepted (Rs bn)	Weighted Avg Price	Weighted Avg Yield (%)
3-Month	1.675	97.3669	11.7510%
6-Month	0.483	94.2813	12.1644%
1-Year	0.415	88.9446	12.4637%
Total	2.573

The grand total raised through the Fixed Rate Discounted GHS auction, inclusive of both competitive and non-competitive bids, stood at Rs48.388bn in face value terms.

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

Tenor	Face Value Accepted (Rs bn)
3-Month	25.405
6-Month	15.533
1-Year	7.450
Total	48.388

10-Year Variable Rental Rate GoP Hybrid Sukuk (GHS-VRR) — 5th Re-Opening

Concurrently, as outlined in Annexure B, the PSX held the 5th 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 Rs150bn, with the reference/coupon rate for the first period set at 11.3904%.

This long-term floating instrument witnessed heavy participation, fetching total face value bids of Rs517.150bn within a price range of 94.3900 to 98.6936.

The government accepted a total face value of Rs71.150bn entirely through competitive bids at a cut-off price of 98.3229 (cut-off yield of 11.6754%), with no non-competitive bids accepted for this instrument.

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	517.150
Competitive Accepted	71.150	98.3229	11.6754%
Non-Competitive Accepted	-	-	-
Total Acceptance	71.150

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