Govt raises Rs135bn in Hybrid Sukuk auction

MG News | August 05, 2026 at 09:46 AM GMT+05:00

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August 05, 2026 (MLN): The Government of Pakistan raised a combined Rs134.6bn 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 Rs150bn.

Fixed Rental Rate (FRR) GoP Hybrid Sukuk (GHS) — Fresh Issue

Tenders for the fresh issue of 3-Year and 5-Year Fixed Rental Rate GoP Hybrid Sukuks were invited against a pre-auction target of Rs100 bn.

The auction drew strong market demand, accumulating total face value bids of Rs229.786 bn across both tenors Rs113.300 bn in the 3-Year tenor and Rs116.486 bn in the 5-Year tenor.

Of the total amount raised for GHS, Rs108.804 bn came through competitive bids.

The 5-Year tenor led the competitive acceptance with Rs75.307 bn in accepted face value at a cut-off yield of 11.7994% (Cut-off price: 98.8931), while the 3-Year tenor followed at Rs33.498 bn with a cut-off yield of 11.7495% (Cut-off price: 98.1500).

Competitive Bids — Fixed Rental Rate GHS

Tenor	Face Value Accepted (Rs bn)	Cut-off Price	Cut-off Yield (%)
3-Year	33.498	98.1500	11.7495%
5-Year	75.307	98.8931	11.7994%
Total	108.804

An additional Rs0.833 bn was accepted through non-competitive bids Rs0.444 bn in the 5-Year tenor and Rs0.389 bn in the 3-Year tenor.

Non-Competitive Bids — Fixed Rental Rate GHS

Tenor	Face Value Accepted (Rs bn)	Weighted Avg Price	Weighted Avg Yield (%)
3-Year	0.389	98.5736	11.5763%
5-Year	0.444	99.1327	11.7342%
Total	0.833

The grand total raised through the Fixed Rental Rate GHS auction, inclusive of both competitive and non-competitive bids, stood at Rs109.638 bn in face value terms.

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

Tenor	Face Value Accepted (Rs bn)
3-Year	33.887
5-Year	75.751
Total	109.638

10-Year Fixed Rate Zero Coupon GoP Ijarah Sukuk (GIS) — Fresh Issue

In a separate auction held on the same date, the PSX invited tenders for a fresh issue of the 10-Year Fixed Rate Zero Coupon GoP Ijarah Sukuk, carrying a pre-auction target of Rs50 bn. Total face value bids received amounted to Rs25.250 bn, with a price range between 30.9563 and 31.0727.

The government accepted nearly all bids received, raising Rs25.010 bn in total face value.
This comprised Rs25 bn through competitive bids and Rs0.010 bn (Rs9.680 million) via non-competitive bids, settling at a cut-off price of 31.0727 (Cut-off yield: 12.3989%).

Auction Result — 10-Year Zero Coupon GoP Ijarah Sukuk (GIS)

Category	Face Value (Rs bn)	Cut-off Price / Wtd Avg Price	Cut-off Yield / Wtd Avg Yield (%)
Total Bids Received	25.250
Competitive Accepted	25	31.0727	12.3989%
Non-Competitive Accepted	0.010	31.0727	12.3989%
Total Acceptance	25.010

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