Karachi: In an important financial event slated for August 19, 2026, the Pakistan Stock Exchange (PSX) will host the 15th Government of Pakistan (GoP) Hybrid Sukuk auction. This auction marks a significant moment for market participants as it introduces a revised auction calendar, detailed in PSX Notice# PSX/N-989 dated August 10, 2026. The Hybrid Sukuk structure will encompass an Ijarah Sale & Lease Back (Ijarah SLB) transaction and a Commodity Murabaha transaction, with a 55% allocation to Ijarah SLB and 45% to Commodity Murabaha.
According to the designated market category, Broker Clearing Members (BCMs), Non-Broker Clearing Members (NBCMs), and Professional Clearing Members (PCM) of the National Clearing Company of Pakistan Limited (NCCPL) are eligible to participate in this auction. They can bid for their proprietary accounts, investors, and funds under management. The auction will employ a Non-Uniform Pricing (Multiple Prices/Pay-as-Bid) allocation mechanism for all Sukuk instruments. Competitive bidders will receive allocations based on their bid prices, while non-competitive bidders will be allocated based on the Weighted Average Yield%.
The auction will feature the issuance of fresh 3-month, 6-month, and 1-year Fixed Rate Discounted GoP Hybrid Sukuk, along with the re-opening of a 10-year Variable Rental Rate (VRR) GoP Hybrid Sukuk. The minimum bid size is set at Rs. 5,000, with no maximum limit for competitive bids. However, non-competitive bids are capped at 0.25% of the pre-auction target amount or Rs. 500 million, whichever is lower.
The target amounts for this auction are PKR 25 billion for each of the 3-month, 6-month, and 1-year discounted Sukuks, and PKR 50 billion for the 10-year VRR Sukuk. Eligible investors include existing investors with CDC Sub Accounts or CDC IAS Accounts, Roshan Digital Account Holders (RDA) through CDC Investor Account Services, and new investors using the Facilitation Account service provided by the CDC.
According to information available from the Pakistan Stock Exchange (PSX), participants are required to use their existing credentials for investor mapping, cash assignments, and bidding. The system is well-integrated with the Central Depository System (CDS) to validate investor details, ensuring a smooth registration process for new investors.
The auction system link is accessible at https://debt.psx.com.pk/, with competitive and non-competitive bidding scheduled from 10:00 a.m. to 12:00 p.m. on the auction day. The settlement date is set for August 20, 2026. The auction is being issued by the Pakistan Domestic Sukuk Company Limited (PDSCL) through the Ministry of Finance (MoF).
Advance cash requirements are outlined for various participants, and in cases where successful investors fail to fulfill their monetary obligations, participants can request NCCPL to park the units in the participant's house account instead of the investor's account. This auction reflects a continued effort to streamline financial mechanisms and provide investment opportunities within Pakistan's financial landscape.