Karachi: The Pakistan Stock Exchange (PSX) successfully conducted the primary market auction for the Government of Pakistan Hybrid Sukuk (GHS) and GoP Ijarah Sukuk (GIS) on October 7, 2026. The auction, which took place through the PSX Auction System, saw considerable interest among investors.

According to the report, the pre-auction target for the GoP Hybrid Sukuk was set at Rs. 75 billion. The auction results showed that the total face value of bids received was Rs. 233.10 billion, with a total realized amount of Rs. 227.33 billion.

Accepted bids for the competitive auction were divided between two tenors: a 3-year fixed rental rate issue with a coupon rate of 12% and a 5-year fixed rental rate issue with a coupon rate of 12.25%. The 3-year issue received a face value of Rs. 58.36 billion with a realized amount of Rs. 57.32 billion, while the 5-year issue had a face value of Rs. 16.75 billion and a realized amount of Rs. 16.43 billion. The total realized amount for competitive accepted bids was Rs. 73.75 billion.

The non-competitive portion of the auction contributed an additional Rs. 197.95 million in total realized amounts, with the 3-year and 5-year issues accounting for Rs. 128.81 million and Rs. 69.14 million, respectively.

The combined total acceptance for both competitive and non-competitive bids reached Rs. 73.94 billion.

According to information available from the Pakistan Stock Exchange (PSX), the cut-off price for the accepted 3-year fixed rental rate issue was Rs. 98.20 per Rs. 100 with a cut-off yield of 12.74%. Similarly, the 5-year issue had a cut-off price of Rs. 97.91 and a cut-off yield of 12.83%.

The designated market category for this auction remains within the realm of Islamic financial instruments, appealing to a broad spectrum of investors interested in Shariah-compliant opportunities.

The auction’s results underscore the continued investor confidence in Pakistan’s sovereign financial instruments, particularly the hybrid and Ijarah Sukuk, as the government seeks to diversify its funding sources through Islamic finance.