Govt raises Rs171bn in Hybrid Sukuk auction

MG News | August 06, 2026 at 09:57 AM GMT+05:00

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August 06, 2026 (MLN): The Government of Pakistan raised a combined Rs170.976bn 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 Rs125bn.

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 Rs75 billion.

The auction drew strong investor interest, accumulating total face value bids of Rs344.912 billion across all three tenors.

Of the total amount raised across these discounted instruments, Rs105.228 billion came through competitive bids.

The 1-Year tenor led with Rs57.440 billion in accepted face value at a cut-off yield of 11.84%, followed by the 3-Month tenor at Rs27.446 billion with a cut-off yield of 11.4353%, and the 6-Month tenor at Rs20.342 billion with a cut-off yield of 11.6899%.

Competitive Bids — Fixed Rate Discounted GHS

Tenor	Face Value Accepted (Rs bn)	Cut-off Price	Cut-off Yield (%)
3-Month	27.446	97.4358	11.4353%
6-Month	20.342	94.4921	11.6899%
1-Year	57.440	89.4394	11.84%
Total	105.228

An additional Rs2.998 billion was accepted through non-competitive bids Rs1.332 billion in the 3-Month, Rs0.871 billion in the 1-Year, and Rs0.795 billion 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	1.332	97.4412	11.4106%
6-Month	0.795	94.5034	11.6646%
1-Year	0.871	89.4814	11.7874%
Total	2.998

The grand total raised through the Fixed Rate Discounted GHS auction, inclusive of both competitive and non-competitive bids, stood at Rs108.226 billion in face value terms.

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

Tenor	Face Value Accepted (Rs bn)
3-Month	28.778
6-Month	21.138
1-Year	58.310
Total	108.226

10-Year Variable Rental Rate GoP Hybrid Sukuk (GHS-VRR) — 1st Re-Opening

Concurrently, the PSX held the 1st 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 Rs50 billion, 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 Rs412 billion within a price range of 96.8470 to 99.2500.

The government accepted a total face value of Rs62.750 billion, surpassing its original target.

This final acceptance comprised Rs62.5 billion taken through competitive bids at a cut-off price of 98.9404 (cut-off yield of 11.5704%), alongside Rs0.250 billion accepted via non-competitive bids at a weighted average price of 98.9508.

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	412.020
Competitive Accepted	62.500	98.9404	11.5704%
Non-Competitive Accepted	0.250	98.9508	11.5686%
Total Acceptance	62.750

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