Govt raises Rs76bn in Hybrid Sukuk auction

MG News | September 17, 2026 at 11:43 AM GMT+05:00

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September 17, 2026 (MLN): The Government of Pakistan raised a combined Rs76.15bn 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 Rs100bn.

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

According to the auction results detailed in Annexure A of the notice, 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 Rs75bn.

The auction accumulated total face value bids of Rs131.855bn across all three tenors.

The government accepted Rs49.163 through competitive bids.

The 3-Month tenor led with Rs28.416bn in accepted face value at a cut-off yield of 11.4998%, followed by the 1-Year tenor at Rs20.747bn with a cut-off yield of 11.9863%.

All bids for the 6-Month tenor were rejected by the government.

Competitive Bids — Fixed Rate Discounted GHS

Tenor	Face Value Accepted (Rs bn)	Cut-off Price	Cut-off Yield (%)
3-Month	28.416	97.4217	11.4998%
6-Month	Bids Rejected	Bids Rejected	Bids Rejected
1-Year	20.747	89.3228	11.9863%
Total	49.163

An additional Rs1.924bn was accepted through non-competitive bids Rs1.134bn in the 3-Month tenor and Rs0.790bn 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	1.134	97.4244	11.4874%
6-Month	Bids Rejected	Bids Rejected	Bids Rejected
1-Year	0.790	89.3642	11.9343%
Total	1.924

The grand total raised through the Fixed Rate Discounted GHS auction, inclusive of both competitive and non-competitive bids, stood at Rs51.087bn in face value terms.

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

Tenor	Face Value Accepted (Rs bn)
3-Month	29.550
6-Month	0.000
1-Year	21.537
Total	51.087

10-Year Variable Rental Rate GoP Hybrid Sukuk (GHS-VRR) — 4th Re-Opening

Concurrently, as outlined in Annexure B, the PSX held the 4th re-opening of the 10-Year Variable Rental Rate (VRR) GoP Hybrid Sukuk (originally issued on July 23, 2026) against a pre-auction target of Rs25bn, with the reference/coupon rate for the first period set at 11.3904%.

This long-term floating instrument witnessed heavy participation, fetching total face value bids of Rs253.075bn within a price range of 96.8876 to 98.5918.

The government met its target by accepting a total face value of Rs25.063bn.

This final acceptance comprised Rs25bn taken through competitive bids at a cut-off price of 98.5918 (cut-off yield of 11.6384%), alongside Rs0.063bn accepted via non-competitive bids at a weighted average price of 98.5918.

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	253.075
Competitive Accepted	25.000	98.5918	11.6384%
Non-Competitive Accepted	0.063	98.5918	11.6284%
Total Acceptance	25.063

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