Karachi: The Pakistan Stock Exchange (PSX) has announced a series of auctions for the issuance of Government of Pakistan Hybrid Sukuk (GHS), scheduled to take place between April 2026 and June 2026. The announcement, dated April 10, 2026, follows directives from the Debt Management Office of the Ministry of Finance. The auctions will adhere to a predetermined target calendar and will involve a combination of Ijarah Sale and Lease Back (Ijarah SLB) transactions as well as Commodity Murabaha transactions.

The auction calendar specifies that six auctions will be conducted for 1-year discounted and 10-year VRR Hybrid Sukuk, each with a target auction size of PKR 200 billion. The auctions are slated for April 15, April 29, May 13, May 20, June 10, and June 24, 2026, accumulating a total targeted issuance of PKR 1.20 trillion for this segment.

Additionally, three auctions are planned for 3-year, 5-year, and 10-year Fixed Rental Rate (FRR) Hybrid Sukuk, each targeting a total size of PKR 250 billion. These auctions are scheduled for April 28, May 18, and June 17, 2026, aiming for a cumulative issuance of PKR 750 billion. This brings the overall target for both auction categories to PKR 1.95 trillion.

According to information available from the Pakistan Stock Exchange (PSX), the operational modalities for these auctions will align with those applicable to Government Ijarah Sukuk (GIS) auctions. The PSX will notify the market of auction notices and other pertinent details in advance of each auction date.

Copies of the auction calendar have been distributed to key financial authorities and associations, including the Debt Management Office, Ministry of Finance, Securities and Exchange Commission of Pakistan, Central Depository Company, National Clearing Company of Pakistan Limited, and others.