Govt raises Rs286bn in Hybrid Sukuk auction

June 11, 2026 (MLN): The government successfully raised a total of Rs286.106bn in face value terms across both fixed and variable rate instruments against a combined pre-auction target of Rs350bn, through its latest Government of Pakistan Hybrid Sukuk (GHS) auction conducted via the PSX Auction System. 1-Year Fixed Rate Discounted GoP Hybrid Sukuk (FRD) Tenders for the fresh issue of the 1-Year Fixed Rate Discounted (FRD) GoP Hybrid Sukuk were invited against a pre-auction target of Rs150bn. Total face value bids received amounted to Rs78.876bn, with an expected price range spanning from 88.3285 to 89.3900. Out of the total bids received, the government accepted Rs52.536bn through competitive bids at a cut-off rental rate of 12.8896% and a cut-off price of 88.6098. An additional Rs2.594bn was accepted through non-competitive bids, bringing the total acceptance for the 1-Year tenor to Rs55.131bn in face value terms. Auction Result — 1-Year FRD GoP Hybrid Sukuk Category Face Value (Rs bn) Cut-off Rental Cut-off Price Total Bids Received 78.876 Competitive Accepted 52.536 12.8896% 88.6098 Non-Competitive Accepted 2.594 12.8896% 88.6098 Total Acceptance 55.131 10-Year Variable Rental Rate GoP Hybrid Sukuk (VRR) Concurrently, the PSX held the 4th re-opening of the 10-Year Variable Rental Rate (VRR) GoP Hybrid Sukuk, originally issued on April 16, 2026. The 10-Year VRR tenor saw overwhelming participation from investors. Total face value bids reached Rs842.550bn against a pre-auction target of Rs200bn, with a price margin range of 96.86 to 100.25. The government ended up raising an amount well above the initial target, accepting a total of Rs230.975bn in face value. This included Rs230.45bn raised through competitive bids at a cut-off margin/price of 99.2830, alongside Rs0.525bn accepted via non-competitive bids. Auction Result — 10-Year VRR GoP Hybrid Sukuk Category Face Value (Rs bn) Cut-off Margin/Price Total Bids Received 842.550 Competitive Accepted 230.450 99.2830 Non-Competitive Accepted 0.525 99.2830 Total Acceptance 230.975