Govt raises Rs492.5bn in Hybrid Sukuk auction

October 29, 2026 (MLN): The Government of Pakistan raised a combined Rs492.475bn in face value through its latest Government of Pakistan Hybrid Sukuk (GHS) auction, conducted via the PSX Auction System on October 28, against a combined pre-auction target of Rs350bn. Settlement is due on October 29.

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 accumulated total face value bids of Rs348.134bn across all three tenors.

Of the total amount raised across these discounted instruments, Rs267.794bn came through competitive bids.

The 3-Month tenor led with Rs188.281bn in accepted face value at a cut-off yield of 12.3498%, followed by the 1-Year tenor at Rs76.794bn with a cut-off yield of 12.8955%, and the 6-Month tenor at Rs2.720bn with a cut-off yield of 12.3987%.

Competitive Bids Fixed Rate Discounted GHS

An additional Rs9.607bn was accepted through non-competitive bids, Rs5.263bn in the 3-Month, Rs2.071bn in the 6-Month, and Rs2.273bn in the 1-Year tenor.

Non-Competitive Bids Fixed Rate Discounted GHS

The grand total raised through the Fixed Rate Discounted GHS auction, inclusive of both competitive and non-competitive bids, stood at Rs277.402bn in face value terms.

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

10-Year Variable Rental Rate GoP Hybrid Sukuk (GHS-VRR) 1st Re-Opening

Concurrently, as outlined in Annexure B, the PSX held the 1st re-opening of the 10-Year Variable Rental Rate (VRR) GoP Hybrid Sukuk (originally issued on October 15, 2026) against a pre-auction target of Rs200bn, with the reference rate, based on the latest 6-month T-Bill weighted average yield, and the coupon rate for the first period set at 12.1179%.

This long-term floating instrument witnessed heavy participation, fetching total face value bids of Rs649.250bn within a price range of 94.7768 to 98.6277.

The government accepted a total face value of Rs215.073bn, exceeding the target. Of this, Rs213.070bn came through competitive bids at a cut-off price of 98.3406 (cut-off yield of 12.4104%, a spread of 0.2925% over the reference rate), while Rs2.003bn was accepted through non-competitive bids at a weighted average price of 98.4798 (weighted average yield of 12.3854%).

Auction Result 10-Year VRR GoP Hybrid Sukuk

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