Govt sets Rs925bn target for Jul-Sep 2026

July 16, 2026 (MLN): The Pakistan Stock Exchange Limited (PSX) has issued a revised auction calendar for the issuance of Government of Pakistan (GoP) Hybrid Sukuk (GHS) and GoP Ijarah Sukuk (GIS) for the period from July to September 2026.

According to a notice issued by PSX, the revised calendar has been issued on the advice of the Debt Management Office (DMO) of the Ministry of Finance, under which auctions will be conducted as per the updated target schedule.

The revised calendar includes short-term GoP Hybrid Sukuk with maturities of three months and six months, in addition to one-year, three-year, five-year, and ten-year instruments.

For the period from July to September 2026, the government has set a cumulative target of Rs925 billion through Sukuk auctions.

Under the Discounted and Variable Rental Rate (VRR) GoP Hybrid Sukuk, PSX will conduct five auctions between July 22 and September 16, 2026, with each auction having a target size of Rs125bn.

The VRR Sukuk targets include Rs25bn each for three-month, six-month, and one-year tenors, along with Rs50bn for the ten-year tenor. The total target under this category stands at Rs625bn.

Meanwhile, under Fixed Rental Rate (FRR) GoP Hybrid Sukuk and Fixed Rate Zero Coupon (FRZ) GoP Ijarah Sukuk, two auctions are scheduled on August 4 and September 18, 2026, with a combined target size of Rs300bn.

The auctions will include three-year, five-year, and ten-year instruments, with each tenor carrying a target of Rs50bn per auction.

PSX stated that all GoP Sukuk auctions will be conducted through a Non-Uniform Pricing (Pay-as-Bid) mechanism, while Non-Competitive Bids (NCBs) will be accepted at the weighted average accepted yield or price of the respective auction.

The exchange further noted that the issuance of the 10-year FRR Zero Coupon Sukuk will be conducted under the Ijarah structure, while detailed guidelines for the Pay-as-Bid mechanism will be notified separately.

Auction notices and other relevant details will be shared with market participants ahead of each auction.

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