Govt raises Rs196bn in Hybrid Sukuk auction
MG News | November 05, 2026 at 09:47 AM GMT+05:00
November 05, 2026 (MLN): The Government of Pakistan raised a combined Rs196.196bn in face value through its latest Government of Pakistan Hybrid Sukuk (GHS) auction conducted via the PSX Auction System, falling short of the aggregate pre-auction target of Rs125bn.
Fixed Rental Rate (FRR)
GoP Hybrid Sukuk (GHS) — 1st Re-Opening
Tenders for the 1st
re-opening of the 3-Year and 5-Year Fixed Rental Rate GoP Hybrid Sukuks
(originally issued on October 08, 2026) were invited against a pre-auction
target of Rs100bn.
The auction drew strong
market demand, accumulating total face value bids of Rs382.55bn across both
tenors Rs244.5bn in the 3-Year tenor and Rs138.05bn in the 5-Year tenor.
Of the total amount raised
for GHS, Rs195.225bn came through competitive bids.
The 3-Year tenor led
competitive acceptance with Rs135bn in accepted face value at a cut-off price
of 98.45 (cut-off yield: 12.6407%), while the 5-Year tenor followed at Rs60.225bn
with a cut-off price of 98.188 (cut-off yield: 12.7500%).
Competitive Bids — Fixed
Rental Rate GHS
|
Tenor |
Face Value Accepted (Rs
bn) |
Cut-off Price |
Cut-off Yield (%) |
|
3-Year |
135 |
98.4500 |
12.6407% |
|
5-Year |
60.225 |
98.1880 |
12.7500% |
|
Total |
195.225 |
An additional Rs0.971bn
was accepted through non-competitive bids Rs0.586bn in the 3-Year tenor and
Rs0.385bn in the 5-Year tenor.
Non-Competitive Bids —
Fixed Rental Rate GHS
|
Tenor |
Face Value Accepted (Rs
bn) |
Weighted Avg Price |
Weighted Avg Yield (%) |
|
3-Year |
0.586 |
98.5271 |
12.6080% |
|
5-Year |
0.385 |
98.2562 |
12.7307% |
|
Total |
0.971 |
The grand total raised
through the Fixed Rental Rate GHS auction, inclusive of both competitive and
non-competitive bids, stood at Rs196.196bn in face value terms.
Total Acceptance
(Competitive + Non-Competitive) — Fixed Rental Rate GHS
|
Tenor |
Face Value Accepted (Rs
bn) |
|
3-Year |
135.586 |
|
5-Year |
60.610 |
|
Total |
196.196 |
10-Year Fixed Rate Zero
Coupon GoP Ijarah Sukuk (GIS) — Fresh Issue
In a separate auction held
on the same date, as outlined in Annexure B, the PSX invited tenders for a
fresh issue of the 10-Year Fixed Rate Zero Coupon GoP Ijarah Sukuk (maturing on
November 05, 2036) against a pre-auction target of Rs25bn.
Total face value bids
received amounted to Rs1.840bn within a price range of 29.8528.
However, the government
rejected all competitive bids for the 10-Year tenor, and no non-competitive
bids were accepted, 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 |
1.840 |
Bids Rejected |
Bids Rejected |
Rs0 |
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