Govt raises Rs75bn in Hybrid Sukuk auction

MG News | October 08, 2026 at 10:54 AM GMT+05:00

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October 08, 2026 (MLN): The Government of Pakistan raised a combined Rs75.314bn in face value through its latest Government of Pakistan Hybrid Sukuk (GHS) and Government of Pakistan Ijarah Sukuk (GIS) auction conducted via the PSX Auction System. This fell short of the combined pre-auction target of Rs100bn.

Fixed Rental Rate GoP Hybrid Sukuk (GHS-FRR) Fresh Issues

According to the auction results detailed in Annexure A, tenders for fresh issues of 3-Year and 5-Year Fixed Rental Rate GoP Hybrid Sukuks were invited against a pre-auction target of Rs75bn, with coupon rates of 12.00% and 12.25%, respectively.

The auction accumulated total face value bids of Rs233.097bn across both tenors, with Rs128.518bn received for the 3-Year and Rs104.580bn for the 5-Year.

Bids for the 3-Year tenor came within a price range of 29.4588 to 98.8045, while bids for the 5-Year tenor came within a price range of 29.4588 to 98.2820.

Of the total amount raised across these instruments, Rs75.113bn came through competitive bids.

The 3-Year tenor led with Rs58.363bn in accepted face value at a cut-off yield of 12.7400%, followed by the 5-Year tenor at Rs16.750bn with a cut-off yield of 12.8300%.

Competitive Bids Fixed Rental Rate GHS

Tenor	Face Value Accepted (Rs bn)	Cut-off Price	Cut-off Yield (%)
3-Year	58.363	98.2016	12.74%
5-Year	16.75	97.9069	12.83%
Total	75.113

An additional Rs0.202bn was accepted through non-competitive bids, Rs0.131bn in the 3-Year and Rs0.071bn in the 5-Year tenor.

Non-Competitive Bids Fixed Rental Rate GHS

Tenor	Face Value Accepted (Rs bn)	Weighted Avg Price	Weighted Avg Yield (%)
3-Year	0.131	98.2128	12.74%
5-Year	0.071	98.0712	12.78%
Total	0.202

The grand total raised through the Fixed Rental Rate GHS auction, inclusive of both competitive and non-competitive bids, stood at Rs75.314bn in face value terms.

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

Tenor	Face Value Accepted (Rs bn)
3-Year	58.494
5-Year	16.821
Total	75.314

10-Year Fixed Rate Zero Coupon GoP Ijarah Sukuk (GIS-FRZ) Fresh Issue

Concurrently, as outlined in Annexure B, the PSX held the auction for the fresh issue of the 10-Year Fixed Rate Zero Coupon (FRZ) GoP Ijarah Sukuk, maturing on October 08, 2036, against a pre-auction target of Rs25bn.

The instrument witnessed negligible participation, fetching total face value bids of only Rs0.01m at a price of 29.4588.

The government rejected all bids and raised no amount through this instrument.

Auction Result 10-Year FRZ GoP Ijarah Sukuk

Category	Face Value (Rs m)	Cut-off Price / Wtd Avg Price	Cut-off Yield / Wtd Avg Yield (%)
Total Bids Received	0.01
Competitive Accepted	Bids Rejected	Bids Rejected	Bids Rejected
Non-Competitive Accepted	-	-	-
Total Acceptance	0

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KSE30	50,472.28 35.65M	0.17% 83.29
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Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	82,955.00	83,660.00 82,315.00	-665.00 -0.80%
BRENT CRUDE	102.81	102.88 100.76	2.61 2.60%
RICHARDS BAY COAL MONTHLY	128.50	0.00 0.00	1.20 0.94%
ROTTERDAM COAL MONTHLY	143.70	144.00 143.00	-0.95 -0.66%
USD RBD PALM OLEIN	1,167.50	1,167.50 1,167.50	0.00 0.00%
CRUDE OIL - WTI	90.34	90.44 88.77	2.06 2.33%
SUGAR #11 WORLD	20.85	21.24 20.17	0.03 0.14%