Karachi: The Pakistan Stock Exchange has released the results of recent auctions for the Government of Pakistan Hybrid Sukuk (GHS) and Ijarah Sukuk (GIS), reflecting a targeted approach in bid acceptance and notable activity in the financial market. The report, dated November 4, 2026, outlines the outcomes of these significant financial instruments.
The GHS auction, conducted on November 4, aimed for a pre-auction target of Rs. 100 billion. The auction saw the submission of bids across two tenors, with a total face value of 382,550 million Pakistani Rupees. The total realized amount from these bids was 374,903.447 million, with a price premium of 3,548.032 million, resulting in a total realized amount of 378,451.479 million.
According to information available from the Pakistan Stock Exchange (PSX), competitive bids were accepted selectively. For the 3-year Fixed Rental Rate (FRR) tenor, bids amounting to a face value of 135,000 million were accepted, with a realized amount of 133,011.630 million and a price premium of 1,242.740 million, culminating in a total realized amount of 134,254.370 million. The cut-off price was set at 98.4500, with a cut-off yield of 12.6407%.
In the 5-year FRR category, accepted bids amounted to a face value of 60,225 million, with a realized amount of 59,174.860 million and a price premium of 565.950 million, leading to a total of 59,740.810 million. The cut-off price was 98.1880, and the cut-off yield was 12.7500%. The total acceptance for both tenors was 196,195.550 million in face value, with a total realized amount of 194,959.400 million.
Non-competitive bids were also received, contributing minimally to the total acceptance figures. The 3-year FRR saw non-competitive bids accepted at a face value of 585.550 million, realized at 576.925 million, and the 5-year FRR at 385.000 million face value, realized at 378.286 million.
The GIS auction, also held on November 4, targeted a pre-auction figure of Rs. 25 billion. However, all competitive bids for the 10-year Fixed Rate Zero Coupon tenor were rejected, resulting in zero acceptance. The total face value of bids received was 1,840 million, with a realized amount of 549.292 million, but none met the necessary criteria for acceptance.
The selective acceptance of bids in these auctions underscores the Government's strategy in managing its debt issuance and the dynamic conditions of the financial market. The results reflect a cautious yet strategic approach to meeting fiscal needs while maintaining market stability.