Govt raises Rs250bn in Hybrid Sukuk auction

MG News | July 23, 2026 at 10:36 AM GMT+05:00

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July 23, 2026 (MLN): The Government of Pakistan raised a combined Rs250.4bn 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 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 Rs75bn.

The auction drew strong investor interest, accumulating total face value bids of Rs336.984bn across all three tenors.

Of the total amount raised across these discounted instruments, Rs170.569bn came through competitive bids.

The 3-Month tenor led with Rs80.817bn in accepted face value at a cut-off yield of 11.4994%, followed by the 1-Year tenor at Rs64.202bn with a cut-off yield of 11.84%, and the 6-Month tenor at Rs25.55bn with a cut-off yield of 11.6902%.

Competitive Bids — Fixed Rate Discounted GHS

Tenor	Face Value Accepted (Rs bn)	Cut-off Price	Cut-off Yield (%)
3-Month	80.817	97.4218	11.4994%
6-Month	25.550	94.4920	11.6902%
1-Year	64.202	89.4394	11.84%
Total	170.569

An additional Rs2.547bn was accepted through non-competitive bids Rs1.695bn in the 3-Month, Rs0.547bn in the 1-Year, and Rs0.305bn 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	1.695	97.4345	11.4413%
6-Month	0.305	94.5462	11.5685%
1-Year	0.547	89.5091	11.7526%
Total	2.547

The grand total raised through the Fixed Rate Discounted GHS auction, inclusive of both competitive and non-competitive bids, stood at Rs173.116bn in face value terms.

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

Tenor	Face Value Accepted (Rs bn)
3-Month	82.512
6-Month	25.855
1-Year	64.748
Total	173.116

10-Year Variable Rental Rate GoP Hybrid Sukuk (GHS-VRR) — Fresh Issue

The PSX held a fresh issue auction for the 10-Year Variable Rental Rate (VRR) GoP Hybrid Sukuk against a pre-auction target of Rs50bn, 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 Rs433.250bn within a price range of 95.1725 to 100.

The government accepted a total face value of Rs77.285bn, surpassing its original target.

This final acceptance comprised Rs77.150bn taken through competitive bids at a cut-off price of 98.8919 (cut-off yield of 11.5803%), alongside Rs0.135bn accepted via non-competitive bids at a weighted average price of 99.0213.

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	433.250
Competitive Accepted	77.150	98.8919	11.5803%
Non-Competitive Accepted	0.135	99.0213	11.5580%
Total Acceptance	77.285

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