Govt raises Rs235bn in Hybrid Sukuk auction

July 09, 2026 (MLN): The Government of Pakistan raised a combined Rs235.442bn 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 Rs250bn.

1-Year Fixed Rate Discounted GoP Hybrid Sukuk (FRD)

Tenders for the fresh issue of the 1-Year Fixed Rate Discounted (FRD) GoP Hybrid Sukuk were invited against a pre-auction target of Rs150 billion.

The auction saw strong investor participation, with total face value bids received amounting to Rs266.009 billion.

The quoted price range for the offers spanned from 89.3208 to 90.3217.

Out of the total bids received, the government accepted Rs58.237 billion through competitive bids at a cut-off rental rate of 11.2999% and a cut-off price of 89.8723.

An additional Rs9.188 billion was accepted through non-competitive bids, bringing the total face value acceptance for the 1-Year tenor to Rs67.426 billion.

Auction Result 1-Year FRD GoP Hybrid Sukuk

10-Year Variable Rental Rate GoP Hybrid Sukuk (VRR)

Concurrently, the PSX held the 6th re-opening of the 10-Year Variable Rental Rate (VRR) GoP Hybrid Sukuk, originally issued on April 16, 2026, against a pre-auction target of Rs100 billion.

This instrument witnessed massive investor interest, drawing an overwhelming Rs858.167 billion in total face value bids.

The range of margin/price quoted by participants per Rs.100 was between 99.5020 and 102.5852.

To capitalize on the heavy demand, the government accepted an amount well above its initial target, raising a total of Rs168.017 billion in face value terms.

This final acceptance comprised Rs165.517 billion secured through competitive bids at a cut-off margin/price of 101.4063, along with Rs2.5 billion accepted through non-competitive bids.

Auction Result  10-Year VRR GoP Hybrid Sukuk

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