Govt raises Rs302bn in Hybrid Sukuk auction

MG News | October 15, 2026 at 10:13 AM GMT+05:00

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October 15, 2026 (MLN): The Government of Pakistan raised a combined Rs301.947bn 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 Rs350bn.

Fixed Rate Discounted GoP Hybrid Sukuk (GHS-FRD) — Fresh Issue

According to the auction results detailed in Annexure A, 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 Rs150bn.

The auction drew substantial investor interest, accumulating total face value bids of Rs286.587bn across all three tenors.

Of the total amount raised across these discounted instruments, Rs76.145bn came through competitive bids.

The 3-Month tenor led with Rs54.769bn in accepted face value at a cut-off yield of 11.9499%, followed by the 1-Year tenor at Rs19.939bn with a cut-off yield of 12.4999%, and the 6-Month tenor at Rs1.437bn with a cut-off yield of 12.2502%.

Competitive Bids — Fixed Rate Discounted GHS

Tenor	Face Value Accepted (Rs bn)	Cut-off Price	Cut-off Yield (%)
3-Month	54.769	97.3235	11.9499%
6-Month	1.437	94.2433	12.2502%
1-Year	19.939	88.9160	12.4999%
Total	76.145

An additional Rs4.576bn was accepted through non-competitive bids Rs2.752bn in the 3-Month, Rs1.015bn in the 6-Month, and Rs0.809bn in the 1-Year tenor.

Non-Competitive Bids — Fixed Rate Discounted GHS

Tenor	Face Value Accepted (Rs bn)	Weighted Avg Price	Weighted Avg Yield (%)
3-Month	2.752	97.3329	11.9068%
6-Month	1.015	94.2612	12.2098%
1-Year	0.809	88.9413	12.4679%
Total	4.576

The grand total raised through the Fixed Rate Discounted GHS auction, inclusive of both competitive and non-competitive bids, stood at Rs80.722bn in face value terms.

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

Tenor	Face Value Accepted (Rs bn)
3-Month	57.521
6-Month	2.452
1-Year	20.748
Total	80.722

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

Concurrently, as outlined in Annexure B, the PSX held a fresh issue auction for the 10-Year Variable Rental Rate (VRR) GoP Hybrid Sukuk against a pre-auction target of Rs200bn, with the reference/coupon rate for the first period set at 12.1179%.

This long-term floating instrument witnessed heavy participation, fetching total face value bids of Rs535.1bn within a price range of 96.1748 to 98.9267.

The government accepted a total face value of Rs221.225bn, surpassing its initial target.

This final acceptance comprised Rs220.060bn taken through competitive bids at a cut-off price of 98.4505 (cut-off yield of 12.3924%), alongside Rs1.165bn accepted via non-competitive bids at a weighted average price of 98.5187 (weighted average yield of 12.3802%).

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	535.100
Competitive Accepted	220.060	98.4505	12.3924%
Non-Competitive Accepted	1.165	98.5187	12.3802%
Total Acceptance	221.225

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