Govt raises Rs373bn in Hybrid Sukuk auction

June 24, 2026 (MLN): The government successfully raised a total of Rs372.8bn in face value terms across both fixed and variable rate instruments against a combined pre-auction target of Rs350bn, through its latest Government of Pakistan Hybrid Sukuk (GHS) auction conducted via the PSX Auction System.

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

According to the results, tenders for the fresh issue of the 1-Year Fixed Rate Discounted (FRD) GoP Hybrid Sukuk were invited against a pre-auction target of Rs150bn.

The auction drew heavy participation, with total face value bids received amounting to Rs507.74bn within an expected price range spanning from 88.9160 to 89.7596.

Out of the total bids received, the government accepted Rs173.58bn through competitive bids at a cut-off rental rate of 11.688% and a cut-off price of 89.5608.

An additional Rs7.01bn was accepted through non-competitive bids, bringing the total acceptance for the 1-Year tenor to Rs180.590bn in face value terms.

Auction Result — 1-Year FRD GoP Hybrid Sukuk

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

Concurrently, the PSX held the 5th re-opening of the 10-Year Variable Rental Rate (VRR) GoP Hybrid Sukuk, originally issued on April 16, 2026.

This instrument also saw robust investor demand, with total face value bids reaching Rs956.5bn against a pre-auction target of Rs200bn.

The quoted price range for the margin/price per Rs.100 was between 98.258 and 100.82.

The government ended up accepting a total of Rs192.25bn in face value terms.

This included Rs190.85bn raised through competitive bids at a cut-off margin/price of 99.9609, alongside Rs1.4bn accepted via non-competitive bids.

Auction Result — 10-Year VRR GoP Hybrid Sukuk

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