Karachi: The Pakistan Stock Exchange (PSX) is set to introduce two new financial instruments, the GoP Hybrid Sukuk (GHS) and the GoP Ijarah Sukuk (GIS), to its secondary market on August 7, 2026. These sukuks were initially issued through a primary market auction conducted by PSX on August 4, 2026, with subsequent settlement occurring on August 5, 2026.
According to information available from the Pakistan Stock Exchange (PSX), the new sukuks are categorized under different terms. The GoP Hybrid Sukuk is offered in two formats: a 3-year fixed rental rate maturing on August 5, 2029, and a 5-year fixed rental rate maturing on August 5, 2031. Additionally, the GoP Ijarah Sukuk will be available as a 10-year fixed rate zero coupon option, maturing on August 5, 2036.
The trading of these instruments will take place on the Jade Trading Terminal (JTT), a BnB enabled platform, allowing for a seamless transaction process. The cut-off prices and yields for these instruments have also been established. The 3-year GHS is set at a cut-off price of Rs. 98.1500 with a yield of 11.7495% and a coupon rate of 11.0000%. The 5-year GHS shows a cut-off price at Rs. 98.8931, yielding 11.7994% with a coupon rate of 11.5000%. The 10-year GIS is priced at Rs. 31.0727 with a cut-off yield of 12.3989%.
For market participants, the trading will be conducted in multiples of a face value of Rs. 5,000, with a minimum order quantity set at the same. The maximum buy/sell order quantity caps at 5,000,000,000, translating to a maximum order value of PKR 6.00 billion. The trading will be executed with a price tick of 0.0001, and circuit breakers are set between 0.0001 and 400.0000. Settlement cycles differ based on the auction type, with continuous auction operating on a T+1 basis and negotiated deals market allowing for instant T+0 settlement.
The clearing, settlement, and risk management of these instruments will be managed by the National Clearing Company of Pakistan Limited (NCCPL), while custody will be held with the Central Depository Company of Pakistan Limited (CDC). Participants requiring assistance with trading can contact PSX, NCCPL, or CDC at their respective numbers for support related to the Jade Trading Terminal, registration as a Debt Market Clearing Member, or other related queries.