Govt raises Rs192bn in Hybrid Sukuk auction

MG News | June 18, 2026 at 09:18 AM GMT+05:00

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June 18, 2026 (MLN): The Government of Pakistan conducted primary market auctions for the issuance of Government of Pakistan (GoP) Hybrid Sukuk (GHS) and GoP Ijarah Sukuk (GIS), with a settlement date of June 18, 2026.

While the Fixed Rental Rate (FRR) GHS auction successfully raised Rs192.353bn in face value terms, the government rejected all bids in the Fixed Rate Zero Coupon GIS auction, netting zero from that instrument, conducted via the PSX Auction System.

Fixed Rental Rate (FRR) GoP Hybrid Sukuk (GHS)

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 Rs100bn, with bids received across both tenors.

Total face value bids received across both tenors amounted to Rs547.7billion.

The 3-Year tenor attracted the highest participation at Rs286.375bn with rental rate ranges from 12.08% to 12.59%, followed closely by Rs261.325bn in the 5-Year tenor with rental rate ranges from 11.98% to 12.6839%.

Of the total amount raised, Rs191.750bn came through competitive bids.

The 5-Year tenor led with Rs105.875bn in accepted face value at a cut-off rental of 12.09%, while the 3-Year tenor followed at Rs85.875bn with a cut-off rental of 12.1%.

Both tenors recorded a uniform cut-off price of 100.

Competitive Bids — FRR GoP Hybrid Sukuk (GHS)

Tenor	Face Value Accepted (Rs bn)	Cut-off Rental	Cut-off Price
3-Year	85.875	12.1%	100
5-Year	105.875	12.09%	100
Total	191.750

An additional Rs0.603bn was accepted through non-competitive bids Rs0.325bn (324.955 million) in the 3-Year tenor and Rs0.278bn (278.055 million) in the 5-Year tenor.

Non-Competitive Bids — FRR GoP Hybrid Sukuk (GHS)

Tenor	Face Value Accepted (Rs bn)	Cut-off Price
3-Year	0.325	100
5-Year	0.278	100
Total	0.603

The grand total raised through the GHS auction, inclusive of both competitive and non-competitive bids, stood at Rs192.353bn in face value terms, significantly surpassing the initial Rs100bn target set for the day.

Total Acceptance (Competitive + Non-Competitive) — FRR GoP Hybrid Sukuk (GHS)

Tenor	Face Value Accepted (Rs bn)
3-Year	86.2
5-Year	106.153
Total	192.353

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

In a separate auction held on the same date, the PSX invited tenders for the 5th re-opening of the 10-Year Fixed Rate Zero Coupon GoP Ijarah Sukuk (GIS), which carried a pre-auction target of Rs50bn.

Total face value bids received for this instrument amounted to Rs2.9bn, with an identical rental rate/price range of 32.0164.

However, the government chose to reject all competitive and non-competitive bids for the 10-Year tenor, leaving total acceptance at zero and raising no funds through this instrument.

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

Tenor	Face Value Bids Received (Rs bn)	Competitive Bids	Non-Competitive Bids	Total Acceptance
10-Year	2.9	Bids Rejected	Bids Rejected	Rs0

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