Govt raises Rs173bn in Hybrid Sukuk auction
MG News | July 03, 2026 at 10:46 AM GMT+05:00
July 03, 2026 (MLN): The Government of Pakistan raised a combined Rs173.16bn in face value
through its latest Government of Pakistan Hybrid Sukuk (GHS) auction conducted
via the PSX Auction System, surpassing its
combined pre-auction target of Rs150bn.
Fixed Rental Rate (FRR) GoP Hybrid Sukuk (GHS) 1st Reopening
Tenders for the 1st reopening of 3-Year and 5-Year Fixed Rental Rate GoP
Hybrid Sukuks (originally issued on June 18, 2026) were invited against a
pre-auction target of Rs100bn.
The auction saw strong market interest, accumulating total face value
bids of Rs583.824bn across both tenors.
Of the total offers, the government accepted a grand total of Rs148.157bn
in face value terms:
3-Year Tenor: Attracted Rs314.379bn in bids. The government accepted
Rs69.718bn through competitive bids and Rs0.461bn through non-competitive
bids at a cut-off rental rate of 11.3994% (Cut-off price: 101.7).
5-Year Tenor: Attracted Rs269.445bn in bids. The government accepted
Rs77.845bn through competitive bids and Rs0.133bn through non-competitive
bids at a cut-off rental rate of 11.58% (Cut-off price: 101.8667).
Auction Results FRR GoP Hybrid Sukuk (GHS)
|
Tenor |
Bids Received (Face Value Rs bn) |
Competitive Accepted (Rs bn) |
Non-Competitive Accepted (Rs bn) |
Total Acceptance (Face Value Rs bn) |
Cut-off Rental (%) |
Cut-off Price |
|
3-Year |
314.379 |
69.718 |
0.461 |
70.179 |
11.3994% |
101.7 |
|
5-Year |
269.445 |
77.845 |
0.133 |
77.978 |
11.5800% |
101.8667 |
|
Total |
583.824 |
147.563 |
0.594 |
148.157 |
10-Year Fixed Rate Zero Coupon GoP Ijarah Sukuk (GIS) 6th Re-Opening
Concurrently, the PSX held the 6th re-opening of the 10-Year Fixed Rate
Zero Coupon GoP Ijarah Sukuk (originally issued on January 22, 2026) against a
pre-auction target of Rs50bn.
The tenor received total face value bids amounting to Rs175bn, with a
price range fetching between 32.5063 and 33.4595 per Rs.100.
The government decided to accept exactly half of its initial target,
raising Rs25bn in total face value.
This comprised Rs25bn through competitive bids and a minor Rs0.030
million via non-competitive bids, landing at a cut-off rental rate of 12.15%
and a cut-off price of 33.4595.
Auction Results 10-Year Zero Coupon GoP Ijarah Sukuk (GIS)
|
Category |
Face Value Amount (Rs bn) |
Cut-off Rental (%) |
Cut-off Price |
|
Total Bids Received |
175 |
||
|
Competitive Accepted |
25 |
12.15% |
33.4595 |
|
Non-Competitive Accepted |
0.03 |
12.15% |
33.4595 |
|
Total Acceptance |
25 |
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