Karachi: The Government of Pakistan's recent auction of Hybrid Sukuk (GHS) has concluded with notable interest from investors, as revealed in the auction results announced on July 22, 2026. The auction, facilitated through the Pakistan Stock Exchange (PSX), was aimed at issuing both fixed rate discounted and variable rental rate Sukuk.
According to the details from the auction, the 3-month, 6-month, and 1-year fixed rate discounted GoP Hybrid Sukuk drew significant bids. The auction's pre-auction target stood at 75 billion Pakistani Rupees. The realized amounts for the 3-month, 6-month, and 1-year tenors were 153,459.757 million PKR, 38,790.322 million PKR, and 123,667.804 million PKR respectively.
Among the competitive bids, the accepted bids for the 3-month Sukuk totaled 80,817.190 million PKR in face value, with a realized amount of 78,743.825 million PKR at a cut-off yield of 11.4094%. The 6-month Sukuk saw a face value of 25,550.000 million PKR with a realized amount of 24,156.559 million PKR at a cut-off yield of 11.6902%. For the 1-year Sukuk, the face value was 64,201.500 million PKR and the realized amount was 57,466.209 million PKR, with a cut-off yield of 11.8400%.
In the non-competitive bids, the total acceptance for the 3-month Sukuk reached a face value of 82,512.185 million PKR and a realized amount of 80,395.335 million PKR. The 6-month Sukuk's face value was 25,855.165 million PKR with a realized amount of 24,445.081 million PKR, while the 1-year Sukuk had a face value of 64,748.330 million PKR and a realized amount of 57,955.671 million PKR.
The 10-year Variable Rental Rate Sukuk also garnered attention, with a pre-auction target of 50 billion Pakistani Rupees. The auction witnessed a total face value of 433,250.000 million PKR and a realized amount of 425,369.558 million PKR. Competitive bids accepted for this tenor reached a face value of 77,150.000 million PKR with a realized amount of 76,395.267 million PKR, marking a cut-off yield of 11.5803%.
According to information available from the Pakistan Stock Exchange (PSX), the non-competitive bids for the 10-year Sukuk resulted in a total acceptance of 77,285.000 million PKR in face value and a realized amount of 76,528.946 million PKR.
These results indicate a robust demand for Pakistan's Hybrid Sukuk, reflecting investor confidence in the country's financial instruments. The auction outcomes are a significant indicator of the market's reception to government-issued financial securities.