Govt raises Rs70bn in Hybrid Sukuk auction

November 12, 2026 (MLN): The Government of Pakistan raised a combined Rs69.955bn in face value through its latest Government of Pakistan Hybrid Sukuk (GHS) auction, conducted via the PSX Auction System on November 11, against a combined pre-auction target of Rs250bn. Settlement is due on November 12.

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 Rs392.374bn across all three tenors.

Of the total amount raised across these discounted instruments, Rs51.601bn came through competitive bids.

The 1-Year tenor led with Rs27.795bn in accepted face value at a cut-off yield of 12.4300%, followed by the 3-Month tenor at Rs19.606bn with a cut-off yield of 12.1390%, and the 6-Month tenor at Rs4.200bn with a cut-off yield of 12.2995%.

Competitive bids fixed rate discounted GHS

An additional Rs7.287bn was accepted through non-competitive bids, Rs3.515bn in the 3-Month, Rs1.558bn in the 6-Month, and Rs2.214bn 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 Rs58.887bn in face value terms.

Total acceptance (competitive + non-competitive) fixed rate discounted GHS

10-Year variable rental rate GoP Hybrid Sukuk (GHS-VRR) 2nd re-opening

Concurrently, as outlined in Annexure B, the PSX held the 2nd 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 Rs100bn, 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 participation of Rs325.940bn in total face value bids within a price range of 96.9181 to 99.2600.

The government accepted a total face value of Rs11.068bn, well below the target. Of this, Rs10.000bn came through competitive bids at a cut-off price of 98.6000 (cut-off yield of 12.3624%, a spread of 0.2445% over the reference rate), while Rs1.068bn was accepted through non-competitive bids at a weighted average price of 99.0528 (weighted average yield of 12.2815%).

Auction result 10-year VRR GoP Hybrid Sukuk

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