PSX schedules 6th GoP Hybrid Sukuk Auction

May 14, 2026 (MLN): The Pakistan Stock Exchange (PSX) has officially declared that the upcoming 6th primary market auction for Government of Pakistan (GoP) Hybrid Sukuk (GHS), scheduled to take place on Wednesday, May 20, 2026, through the PSX Auction System.

According to a regulatory notice issued to the PSX, the auction features a combined target size of Rs200 billion across two distinct Shariah-compliant instruments.

The settlement for all successful competitive and non-competitive bids will occur the following day on Thursday, May 21, 2026.

The GoP Hybrid Sukuk structure is innovatively designed, comprising an Ijarah Sale and Lease Back transaction that accounts for 55% of the proceeds, while the remaining 45% is allocated to a Commodity Murabaha transaction.

Investors will have the opportunity to bid on a fresh issue of a 1-Year Fixed Rate Discounted GoP Hybrid Sukuk aiming for Rs150 billion, alongside a third re-opening of the 10-Year Variable Rate of Return (VRR) GoP Hybrid Sukuk targeting Rs50 billion.

The face value for both Shariah-compliant instruments is set at Rs5,000, which subsequently serves as the minimum bid size.

To provide a clearer view of the financial instruments on offer, the following table details the key metrics of the primary market auction:

The auction is open to all Broker Clearing Members, Non-Broker Clearing Members, and Professional Clearing Members of the National Clearing Company of Pakistan Limited (NCCPL) acting on behalf of their proprietary accounts, managed funds, and varied investor bases.

The pool of eligible investors encompasses individuals, institutional trusts, bodies corporate, Roshan Digital Account (RDA) holders, and non-resident Pakistanis. Market participants should note that the operational modalities remain entirely identical to those of the standard GoP Ijarah Sukuk auctions.

To successfully participate, members must declare their expression of interest and submit a mandatory 10% instrument-wise advance cash deposit via the NCCPL's NCSS terminal between Thursday, May 14, and Monday, May 18, 2026.

During the active bidding window, which runs from 10:00 a.m. to 12:00 p.m. on the day of the auction, the exchange has stated there is no maximum bidding limit applied to competitive bids.

Conversely, non-competitive bids are strictly capped at either 0.25% of the pre-auction target amount or PKR 500 million, whichever figure is lower.

The Pakistan Domestic Sukuk Company Limited, acting seamlessly through the Ministry of Finance, operates as the primary issuer for these highly anticipated government debt securities.

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