Karachi: The Pakistan Stock Exchange (PSX) has announced that the 22nd GoP Hybrid Sukuk (GHS) auction will take place on Wednesday, October 28, 2026. This auction marks a significant event for market participants, as it involves a structured financial instrument combining Ijarah Sale & Lease Back (Ijarah SLB) and Commodity Murabaha transactions. The proceeds from this auction will be allocated with 55% directed towards Ijarah SLB and 45% towards Commodity Murabaha.
The auction will be conducted through the PSX Auction System, and all operational modalities will be consistent with those of the GoP Ijarah Sukuk (GIS) auctions. Eligible participants, including Broker Clearing Members (BCMS), Non-Broker Clearing Members (NBCMs), and Professional Clearing Members (PCMs) of the National Clearing Company of Pakistan Limited (NCCPL), can partake using their proprietary accounts, as well as on behalf of investors and funds under management.
The auction schedule, released on October 21, 2026, outlines a series of activities leading up to the auction day. Participants are required to communicate their expression of interest and submit a 10% advance cash amount between October 21 and October 27. Additionally, registration of participants and instrument assignment will occur during this period. The auction itself is set for 10:00 a.m. to 12:00 p.m. on October 28, with the final collection of the settlement amount scheduled for October 29.
According to information available from the Pakistan Stock Exchange (PSX), the Pakistan Domestic Sukuk Company Limited (PDSCL), through the Ministry of Finance, will issue multiple instruments during the auction. These include 3-Month, 6-Month, and 1-Year Fixed Rate Discounted GoP Hybrid Sukuk, as well as a 10-Year Variable Rental Rate GoP Hybrid Sukuk. The target amounts for the 3-Month, 6-Month, and 1-Year instruments are set at PKR 50 billion each, while the 10-Year instrument has a target of PKR 200 billion.
The financial and bidding parameters specify a minimum bid size of Rs. 5,000 for all instruments, with no maximum limit for competitive bids. Non-competitive bids are capped at the lower of 0.25% of the pre-auction target amount or Rs. 500 million per investor. The coupon rate for the 10-Year Variable Rental Rate Sukuk is set at 12.1179%, with a price premium of 23.2398 per PKR 5,000 face value.
Eligible investors include those with existing CDC Sub Accounts, Roshan Digital Account Holders through CDC Investor Account Services, and new investors participating via the Facilitation Account service provided by CDC. Advance cash requirements are outlined per NCCPL regulations, with specific stipulations for NBCMs, banks, DFIs, and mutual funds. Failure to fulfill monetary obligations may result in participants instructing NCCPL to park units in their house accounts.