Karachi: The Government of Pakistan (GoP) has announced that its Hybrid Sukuk, known as GHS, will be available for trading on the Pakistan Stock Exchange (PSX) starting Friday, September 4, 2026. This comes after the successful conclusion of the primary market auction held on September 2, 2026, and the subsequent settlement on September 3, 2026.
The GHS will be traded on the Jade Trading Terminal (JTT), a BnB Enabled Terminal, with three distinct instruments available. The 3-Month Fixed Rate Discounted GoP Hybrid Sukuk will mature on November 26, 2026, the 6-Month version on March 4, 2027, and the 1-Year version on September 2, 2027. Each instrument has its own symbol code, maturity date, cut-off price, and cut-off yield.
According to information available from the Pakistan Stock Exchange (PSX), the symbol code P03GHS261126, set to mature on November 26, 2026, has a cut-off price of Rs. 97.4129 and a cut-off yield of 11.5401%. Similarly, the P06GHS040327, maturing on March 4, 2027, has a cut-off price of Rs. 94.4698 with a yield of 11.7400%. Finally, the P01GHS020927, maturing on September 2, 2027, holds a cut-off price of Rs. 89.3207 and a yield of 11.9890%.
The face value for each GHS instrument is set at Rs. 5,000, with trading permissible in multiples of this amount. The minimum buy/sell order quantity is 5,000, while the maximum order quantity is capped at 5.00 billion. The upper limit for buy/sell order value is PKR 6.00 billion.
Trading of the GHS will be subject to certain price tick increments and circuit breakers, ranging from 0.0001 to 400.0000. The settlement cycle will follow a T+1 model for continuous auctions, while the negotiated deals market will allow for instant T+0 settlements. All clearing, settlement, and risk management activities will be overseen by the National Clearing Company of Pakistan Limited (NCCPL), with custody held by the Central Depository Company of Pakistan Limited (CDC).
With the introduction of the GHS, market participants now have access to a new financial instrument, marking a significant development in the financial markets.