Govt raises Rs492.5bn in Hybrid Sukuk auction

The Government of Pakistan raised Rs492.475 billion in face value from its latest Hybrid Sukuk auction, held through the PSX Auction System on October 28, Mettis Global reported. The total exceeded the combined pre-auction target of Rs350 billion, and settlement was scheduled for October 29. The sale covered fresh fixed-rate discounted securities and a reopening of a 10-year variable rental-rate instrument.

The fixed-rate tranche raised Rs277.402 billion, led by Rs193.544 billion in three-month securities; six-month and one-year acceptances were Rs4.791 billion and Rs79.067 billion, respectively. For the 10-year reopening, bids reached Rs649.25 billion and the government accepted Rs215.073 billion, above its Rs200 billion target. The accepted competitive portion carried a 12.4104% cut-off yield, while the first-period coupon was set at 12.1179%.