Govt raises Rs235.5 billion through PSX Hybrid Sukuk auction

The government raised Rs235.5 billion through the auction of the Government of Pakistan Hybrid Sukuk conducted through the Pakistan Stock Exchange Auction System on July 8, 2026.

According to the auction results issued by the PSX, the amount was raised through two instruments: a one-year fixed-rate discounted GoP Hybrid Sukuk fresh issue and a 10-year variable rental rate GoP Hybrid Sukuk re-opening.

The one-year fixed-rate discounted Sukuk had a pre-auction target of Rs150 billion.

For this instrument, bids received carried a face value of Rs266.009 billion and a realised amount of Rs238.889 billion.

The rental rate and price range for the bids stood between 89.3208 and 90.3217.

The government accepted total bids with a face value of Rs67.426 billion and a realised amount of Rs60.597 billion.

Competitive accepted bids for the one-year Sukuk had a face value of Rs58.237 billion and realised amount of Rs52.339 billion.

Non-competitive accepted bids stood at Rs9.188 billion in face value and Rs8.258 billion in realised amount.

The cut-off rental for the one-year fixed-rate discounted Sukuk was set at 11.2999%, while the cut-off price was 89.8723.

The issue date and auction settlement date for the one-year Sukuk were both July 9, 2026, while the maturity date is July 8, 2027.

The second instrument was the 10-year variable rental rate GoP Hybrid Sukuk, issued on April 16, 2026 and reopened for the sixth time.

The pre-auction target for the 10-year Sukuk was Rs100 billion.

The reference rate, based on the latest six-month weighted average market treasury bills, was recorded at 11.3685%.

For the 10-year variable rental rate Sukuk, bids received had a face value of Rs858.166 billion, realised amount of Rs864.720 billion, price premium of Rs23.144 billion and total realised amount of Rs887.863 billion.

The margin and price range stood between 99.5020 and 102.5852 per Rs100.

The government accepted total bids with a face value of Rs168.017 billion for the 10-year Sukuk.

The realised amount stood at Rs170.379 billion, while the price premium was Rs4.531 billion, taking the total realised amount to Rs174.911 billion.

Competitive accepted bids for the 10-year Sukuk had a face value of Rs165.517 billion, realised amount of Rs167.844 billion and price premium of Rs4.464 billion.

The total realised amount for competitive bids was Rs172.308 billion.

Non-competitive accepted bids had a face value of Rs2.5 billion, realised amount of Rs2.535 billion and price premium of Rs67.422 million, bringing the total realised amount to Rs2.603 billion.

The cut-off margin and price for the 10-year Sukuk was 101.4063.

The 10-year instrument has a maturity date of April 16, 2036, while the auction settlement date was July 9, 2026.

The combined accepted realised amount from both Sukuk instruments stood at Rs235.508 billion against total pre-auction targets of Rs250 billion.