Karachi: The Government of Pakistan's Hybrid Sukuk (GHS) is set to commence trading on the secondary market at the Pakistan Stock Exchange (PSX) starting Monday, August 10, 2026. The listing follows the successful settlement of the primary market auction held on August 5 and settled by August 6, 2026.

The GHS will be available for trading on the Jade Trading Terminal (JTT), a BnB enabled platform. According to information available from the Pakistan Stock Exchange (PSX), three types of GHS instruments will be listed: the 3-Month Fixed Rate Discounted Sukuk maturing on October 29, 2026, the 6-Month Fixed Rate Discounted Sukuk maturing on February 4, 2027, and the 1-Year Fixed Rate Discounted Sukuk maturing on August 5, 2027.

Each instrument has a specified cut-off price and yield. The 3-Month Sukuk has a cut-off price of 97.4358 with a yield of 11.4353%, the 6-Month Sukuk is priced at 94.4921 yielding 11.6899%, while the 1-Year Sukuk is priced at 89.4394 with a yield of 11.8400%. Each Sukuk carries a face value of Rs. 5,000, with trading permissible in multiples of this amount.

The trading framework includes a minimum buy/sell order quantity of 5,000 and a maximum of 5,000 million, with the highest permissible order value set at PKR 6.00 billion. The trading will adhere to a continuous auction settlement cycle, with T+1 for regular trading and T+0 for negotiated deals.

Clearing, settlement, and risk management for the GHS will be handled by the National Clearing Company of Pakistan Limited (NCCPL), and custody will be maintained by the Central Depository Company of Pakistan Limited (CDC).