Govt raises Rs108bn in Hybrid Sukuk auction

According to Mettis Global, the government secured Rs108.3bn through its latest Government of Pakistan Hybrid Sukuk sale held on the PSX Auction System, which missed the Rs175bn target set before bidding opened. The discounted fixed-rate tranche drew Rs177.494bn in total bids against a Rs75bn goal, and the government took Rs60.435bn from it when competitive and non-competitive bids were combined.

Competitive bids accounted for Rs57.317bn of that discounted amount. The 1-Year tenor was the largest, with Rs32.095bn accepted at a cut-off yield of 11.9890%, followed by the 3-Month tenor at Rs20.032bn yielding 11.5401% and the 6-Month at Rs5.191bn yielding 11.7400%. Non-competitive bids added a further Rs3.119bn.

Separately, the third re-opening of the 10-Year Variable Rental Rate Hybrid Sukuk, first issued on July 23, 2026, had a Rs100bn target and attracted Rs499.050bn in bids. The government accepted Rs47.873bn, including Rs47.750bn in competitive bids at a cut-off price of 98.4171, equal to an 11.6594% yield, while the reference rate for the first period was 11.3904%.