Govt rejects all bids for GoP Hybrid, Ijarah Sukuk

May 19, 2026 (MLN): The government conducted primary market auctions on May 18, 2026, for the issuance of Government of Pakistan (GoP) Hybrid Sukuk (GHS) and GoP Ijarah Sukuk (GIS), with a settlement date of May 19, 2026, through PSX.

 Despite receiving bids across multiple tenors, the government opted to reject all offers, raising zero funds from these instruments.

Fixed Rental Rate (FRR) GoP Hybrid Sukuk (GHS)

Tenders for the fresh issue of 3-Year and 5-Year Fixed Rental Rate (FRR) GoP Hybrid Sukuks were invited against a pre-auction target of Rs100bn.

Total face value bids received across both tenors amounted to Rs37.225bn. The 3-Year tenor attracted the highest participation at Rs21.375bn, with expected rental rates ranging from 12.9% to 13.5%.

The 5-Year tenor followed with bids worth Rs15.850bn, carrying a rental rate range of 13% to 13.6%.

Despite the participation, all competitive and non-competitive bids were rejected by the authorities, leaving total acceptance at zero.

Bids Received — FRR GoP Hybrid Sukuk (GHS)

Fixed Rate Zero Coupon GoP Ijarah Sukuk (GIS)

In a concurrent auction held on the same date, the PSX invited tenders for the 4th re-opening of the 10-Year Fixed Rate Zero Coupon GoP Ijarah Sukuk (GIS), originally issued on January 22, 2026. The pre-auction target for this instrument was set at Rs50bn.

The 10-Year tenor attracted total face value bids amounting to Rs10billion, with participants quoting a price range between 26.1797 and 28.7357.

Similar to the GHS auction, all competitive and non-competitive bids for the 10-Year GIS were rejected, resulting in no funds being raised.

Bids Received — FRR (Zero Coupon) GoP Ijarah Sukuk (GIS)

Ultimately, across both the GoP Hybrid Sukuk and GoP Ijarah Sukuk auctions, the government raised zero capital against a combined pre-auction target of Rs150bn.

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