Karachi: The Pakistan Stock Exchange (PSX) is set to conduct the fourth Government of Pakistan (GoP) Hybrid Sukuk (GHS) auction on Wednesday, May 13, 2026. The auction will be carried out through the PSX Auction System, as noted in PSX Notice# PSX/N-471 dated April 23, 2026, regarding the revised auction calendar for GoP Hybrid Sukuk and GoP Ijarah Sukuk (GIS).
The Hybrid Sukuk structure features an Ijarah Sale & Lease Back (Ijarah SLB) transaction and a Commodity Murabaha transaction. Specifically, 55% of the funds will be allocated to the Ijarah SLB, while the remaining 45% will be dedicated to the Commodity Murabaha. All operational modalities will remain consistent for both GHS and GIS auctions.
Eligible participants include all 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 engage in the auction for proprietary accounts, investors, and funds under management.
The Participant Admin User details, as provided by participants until the last auction on April 29, 2026, will remain in effect for the upcoming auction. Additionally, participants will continue to use their existing credentials for investor mapping, cash assignment, and bidding. Any amendments to Participants’ Admin user details should be communicated to PSX/NCCPL via email.
Those eligible for an advance amount as per NCCPL regulations must provide a 10% Advance Committed Amount instrument-wise and inform PSX/NCCPL accordingly. The investors registered during the last auction will remain available in the system, requiring only instrument mapping and cash assignment.
According to information available from the Pakistan Stock Exchange (PSX), the auction system is integrated with the CDC system for validation of UIN, CDC Participant ID, and CDC Sub Account/House Account/CDC Investor Account. This integration ensures accuracy and prevents registration if discrepancies are detected.
All participants are urged to follow the prescribed procedures for the auction process. Participants must communicate their expression of interest and submit their cash advance through the GDS Advance Deposit screen available on their NCSS terminals between May 7 and May 11, 2026. Interested participants should also map the auction instruments and assign cash where applicable.
The competitive and non-competitive auction of all instruments is scheduled from 10:00 a.m. to 12:00 p.m. on May 13, 2026. Finally, the collection of settlement amounts will occur on May 14, 2026, from 9:00 a.m. to 12:00 p.m.