Karachi: The Pakistan Stock Exchange (PSX) has announced the forthcoming auction of the Government of Pakistan (GoP) Hybrid Sukuk (GHS), scheduled for October 14, 2026, as per the revised auction calendar released on October 9, 2026. This hybrid financial instrument will be auctioned using the PSX Auction System.
The GoP Hybrid Sukuk is structured to include both an Ijarah Sale & Lease Back (Ijarah SLB) transaction and a Commodity Murabaha transaction. The proceeds from this auction will see a 55% allocation to Ijarah SLB and 45% to Commodity Murabaha. According to the PSX, all operational modalities for this auction will mirror those used in the GoP Ijarah Sukuk (GIS) auctions.
Eligible participants for this auction include Broker Clearing Members (BCMs), Non-Broker Clearing Members (NBCMs), and Professional Clearing Members (PCMs) of the National Clearing Company of Pakistan Limited (NCCPL). These participants 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. Competitive bidders will receive allocations based on their bid price, while non-competitive bidders will be given allocations based on a weighted average yield percentage.
According to information available from the Pakistan Stock Exchange (PSX), participants will utilize their existing credentials from previous auctions for investor mapping, cash assignments, and bidding. Participants must ensure their administrative user details are accurate and up-to-date, as these will be used for the auction system. Additionally, participants eligible for advance amounts as per NCCPL regulations must provide a 10% advance committed amount for each instrument and inform the PSX and NCCPL via email.
The auction process will begin with participants expressing their interest and submitting their advance cash amount to NCCPL and PSX between October 9 and October 13, 2026. Credentials for the auction system will be distributed via registered emails and mobile numbers. The final auction of all instruments, both competitive and non-competitive, will take place on October 14, 2026. Settlement amounts will be collected on October 15, 2026.