Govt raises Rs302bn in Hybrid Sukuk auction

According to Mettis Global, the government collected Rs301.947bn in face value through its latest Hybrid Sukuk auction on the PSX Auction System, a total below the Rs350bn goal set ahead of bidding. The discounted fixed-rate tranche attracted Rs286.587bn in bids against a Rs150bn target, and the three tenors brought in Rs80.722bn once non-competitive bids were included.

The 3-Month tenor was the largest, selling Rs54.769bn through competitive bids with an 11.9499% cut-off yield. The 1-Year tenor followed at 12.4999% for Rs19.939bn, while the 6-Month tenor took Rs1.437bn at 12.2502%. Non-competitive bids contributed another Rs4.576bn across the three tenors.

Running alongside, the 10-year variable rental rate sukuk had a Rs200bn target and a first-period reference rate of 12.1179%, drawing Rs535.1bn in bids priced between 96.1748 and 98.9267. The government accepted Rs221.225bn, above that goal, made up of Rs220.060bn in competitive bids at a 98.4505 cut-off price and Rs1.165bn non-competitively at a 98.5187 weighted average price.