Karachi: The Government of Pakistan successfully conducted its latest auction for the Hybrid Sukuk (GHS) through the Pakistan Stock Exchange (PSX) Auction System on August 5, 2026, with results indicating substantial interest from investors.
The auction, aimed at generating funds through fixed and variable rate Sukuk, had a pre-auction target of Rs. 75 billion for the short-term tenors and Rs. 50 billion for the 10-year variable rental rate (VRR) Sukuk. According to information available from the Pakistan Stock Exchange (PSX), the total face value of bids received for the short-term Sukuk amounted to approximately 344.91 billion PKR, with a realized amount of 324.28 billion PKR.
Accepted competitive bids for the 3-month fixed rate Sukuk amounted to a face value of 27,445.95 million PKR, with a realized amount of 26,743.66 million PKR and a cut-off yield of 11.4353%. The 6-month fixed rate Sukuk witnessed a face value acceptance of 20,342.15 million PKR, translating to a realized amount of 19,224.02 million PKR at a cut-off yield of 11.6899%. Meanwhile, the 1-year fixed rate Sukuk saw competitive bids accepted at a face value of 57,439.85 million PKR, with a realized amount of 51,397.99 million PKR and a cut-off yield of 11.8400%.
In the non-competitive segment, the total acceptance for the short-term Sukuk stood at 2,998.075 million PKR face value with a realized amount of 2,828.697 million PKR. This brought the grand total acceptance for short-term tenors to a face value of 108,226.025 million PKR, with a total realized amount of 100,194.368 million PKR.
For the 10-year VRR Sukuk, the auction received bids totaling 412,020.350 million PKR face value, with a realized amount of 405,352.347 million PKR. Competitive bids accepted for this tenor reached a face value of 62,500 million PKR, with a realized amount of 61,844.213 million PKR and a cut-off yield of 11.5704%. Non-competitive bids accepted comprised a face value of 250.405 million PKR, with a realized amount of 247.778 million PKR, leading to a total acceptance of 62,750.405 million PKR face value and a realized amount of 62,091.991 million PKR.
The auction results underscore the robust demand and confidence in the Government of Pakistan's financial instruments, as evidenced by the significant oversubscription and competitive pricing of the Sukuk offerings.