Karachi: The Pakistan Stock Exchange (PSX) is set to host the 18th GoP Hybrid Sukuk (GHS) and the 38th GoP Ijarah Sukuk (GIS) auctions on September 18, 2026. This follows the revised auction calendar notice, PSX/N-989, issued on August 10, 2026.
The auctions will feature 3-year and 5-year Fixed Rental Rate (FRR) GoP Hybrid Sukuk and a 10-year Fixed Rate Zero Coupon GoP Ijarah Sukuk. These financial instruments are offered by the Pakistan Domestic Sukuk Company Limited (PDSCL) through the Ministry of Finance. According to information available from the Pakistan Stock Exchange (PSX), 55% of the proceeds from the Hybrid Sukuk will be allocated to Ijarah Sale & Lease Back (Ijarah SLB) transactions, while the remaining 45% will go to Commodity Murabaha transactions.
The auction will employ a Non-Uniform Pricing (Pay-as-Bid) allocation mechanism. Competitive bidders will be allocated based on their respective bid prices, while non-competitive bidders will be allocated at a Weighted Average Price. The coupon rates for the FRR-Fresh instruments have been pre-determined by the Ministry of Finance and will remain fixed for the entire life of the Sukuk.
Eligible participants in the auction include Broker Clearing Members (BCMs), Non-Broker Clearing Members (NBCMs), and Professional Clearing Members (PCM) of the National Clearing Company of Pakistan Limited (NCCPL). These participants are required to submit a 10% advance committed amount, where applicable, as per NCCPL regulations. The advance amount must be communicated to NCCPL and PSX by September 17, 2026, to secure participation in the auction.
Auction participants must map the auction instruments and assign cash within the PSX Auction System. New investors can register using their unique identifiers, and existing investors will be carried over from the previous auction. The auction system is integrated with the Central Depository System (CDS) for validation purposes.
The target amount for each Sukuk type is PKR 50 billion. Both competitive and non-competitive bidders will be able to participate, with the latter having a maximum bidding limit of 0.25% of the pre-auction target amount or PKR 500 million, whichever is lower. The auction settlement date is set for September 21, 2026, with final settlement amounts to be collected on this date.
The PSX has ensured that all operational modalities will remain consistent across both GHS and GIS auctions, offering a streamlined experience for all market participants.