Govt raises Rs148bn through GoP Hybrid Sukuk auctions

August 20, 2026 (MLN):  The Government of Pakistan conducted primary market auctions for the issuance of Government of Pakistan (GoP) Hybrid Sukuk (GHS), comprising a fresh issue of 3-Month, 6-Month and 1-Year Fixed Rate Discounted Sukuk and the 2nd re-opening of the 10-Year Variable Rental Rate (VRR) Sukuk, conducted via the PSX Auction System.

The auction was held on August 19, 2026, with an issue and settlement date of August 20, 2026 for the fresh issue tranche, while the VRR re-opening carried an original issue date of July 23, 2026 and the same settlement date.

The government raised a combined Rs148.436bn in face value terms across both instruments Rs80.731bn through the Fixed Rate Discounted GHS and Rs67.705bn through the Variable Rental Rate GHS.

Fixed Rate Discounted (Fresh Issue) GoP Hybrid Sukuk

Tenders for the fresh issue of 3-Month, 6-Month and 1-Year Fixed Rate Discounted GoP Hybrid Sukuk were invited against a pre-auction target of Rs75bn, with bids received across all three tenors.

Total face value bids received across all tenors amounted to Rs243.782bn.

The 1-Year tenor attracted the highest participation at Rs110.891bn with a price range of 88.9160 to 89.4394, closely followed by the 3-Month tenor at Rs108.272bn with a price range of 97.3457 to 97.4544, while the 6-Month tenor drew Rs24.619bn with a price range of 94.2301 to 94.5857.

Of the total amount raised, Rs77.930bn came through competitive bids.

The 3-Month tenor led with Rs52.830bn in accepted face value at a cut-off price of 97.4263 (cut-off yield of 11.4788%), followed by the 1-Year tenor at Rs20.800bn with a cut-off price of 89.3597 (cut-off yield of 11.9400%), and the 6-Month tenor at Rs4.300bn with a cut-off price of 94.4965 (cut-off yield of 11.6801%).

Competitive Bids GHS Fixed Rate Discounted (Fresh Issue)

An additional Rs2.801bn was accepted through non-competitive bids Rs1.541bn in the 3-Month tenor, Rs0.686bn in the 6-Month tenor, and Rs0.574bn in the 1-Year tenor.

Non-Competitive Bids GHS Fixed Rate Discounted (Fresh Issue)

The grand total raised through the Fixed Rate Discounted GHS, inclusive of both competitive and non-competitive bids, stood at Rs80.731bn in face value terms, surpassing the initial Rs75bn target set for the day.

Total Acceptance GHS Fixed Rate Discounted (Fresh Issue)

10-Year Variable Rental Rate (VRR) GoP Hybrid Sukuk 2nd Re-Opening

In a separate auction held on the same date, the PSX invited tenders for the 2nd re-opening of the 10-Year Variable Rental Rate GoP Hybrid Sukuk, originally issued on July 23, 2026 and maturing July 23, 2036, which carried a pre-auction target of Rs50bn.

The coupon rate for the first period was set at 11.3904%, in line with the reference rate (latest 6-Month T-Bill weighted average yield) of 11.3904%.

Total face value bids received for this instrument amounted to Rs329.225bn, with a price range of 97.4203 to 99.9000.

Of this, the government accepted Rs67.575bn through competitive bids at a cut-off price of 98.5878, translating to a cut-off yield of 11.6304% and a spread of 0.24% over the reference rate.

Competitive Bids GHS-VRR (10-Year, 2nd Re-Opening)

An additional Rs0.130bn was accepted through non-competitive bids at a weighted average price of 98.6165, translating to a weighted average yield of 11.6254%.

Non-Competitive Bids GHS-VRR (10-Year, 2nd Re-Opening)

The grand total raised through the 10-Year VRR GHS re-opening, inclusive of both competitive and non-competitive bids, stood at Rs67.705bn in face value terms, above the initial Rs50bn target set for the day.

Total Acceptance GHS-VRR (10-Year, 2nd Re-Opening)

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