Govt raises Rs76bn in Hybrid Sukuk auction

Mettis Global reported that the government secured Rs76.15bn in face value through its newest Hybrid Sukuk (GHS) auction, run on the PSX Auction System. That sum fell short of the Rs100bn the authorities had aimed to collect across the combined offerings. Within the total, the fixed rate discounted series delivered Rs51.087bn while the variable rental rate reopening brought in the Rs25bn it sought.

In the fixed rate segment, the 3-month tenor accepted Rs29.550bn including non-competitive bids, while the 1-year tenor accepted Rs21.537bn. Every competitive offer in the 6-month tenor was turned down, so nothing was accepted there. Cut-off yields stood at 11.4998% for the 3-month paper and 11.9863% for the 1-year paper.

The 10-year variable rental rate sukuk, first issued on July 23, 2026, drew total bids of Rs253.075bn during its fourth reopening. Competitive bids of Rs25bn were accepted at a price of 98.5918, equal to an 11.6384% yield, with a further Rs0.063bn taken through non-competitive bids. The first-period reference rate was fixed at 11.3904%.