Karachi: The Pakistan Stock Exchange (PSX) has announced a revised auction calendar for the Government of Pakistan (GoP) Hybrid Sukuk (GHS) and GoP Ijarah Sukuk (GIS), effective from July 2026 to September 2026. This development follows a notice dated June 8, 2026, and was officially announced on July 15, 2026.

According to information available from the Pakistan Stock Exchange (PSX), the auctions will adhere to the revised target calendar, which includes short-term GoP Hybrid Sukuk with tenors of three and six months. The auctions will be conducted using a Non-Uniform Pricing (Pay-as-Bid) mechanism. Non-Competitive Bids (NCBs) will be accepted at the weighted average accepted yield or price of the respective auction.

The auction target calendar for discounted and variable rental rate GoP Hybrid Sukuk specifies target auction sizes in billions of Pakistani rupees for each auction date. On July 22, 2026, with a settlement date of July 23, 2026, a total of 125 billion PKR is targeted. Similar amounts are targeted for subsequent auction dates on August 5, August 19, September 2, and September 16, 2026. Each of these auctions aims for 125 billion PKR, culminating in a total target auction size of 625 billion PKR over the specified period.

For the fixed rental rate GoP Hybrid Sukuk and fixed rate zero coupon GoP Ijarah Sukuk, the auction target sizes are also specified in billions of Pakistani rupees. Auctions on August 4, 2026, and September 18, 2026, each with settlement dates following one day after, target 150 billion PKR, bringing the total for these auctions to 300 billion PKR.

Market participants have been advised by the Debt Management Office of the Ministry of Finance to adhere to these revised schedules and mechanisms to ensure smooth execution of the auctions during the specified period.