The Government of Pakistan has accepted bids worth Rs.69.955 billion in face value through its latest Government of Pakistan Hybrid Sukuk auction, falling significantly short of its combined pre-auction target of Rs.250 billion.
The auction was conducted through the Pakistan Stock Exchange (PSX) Auction System on November 11, 2026, with settlement scheduled for November 12.
The auction covered fresh issuances of three-month, six-month, and one-year Fixed Rate Discounted Hybrid Sukuk, along with the second reopening of a 10-year Variable Rental Rate (VRR) Hybrid Sukuk originally issued on October 15, 2026.
Government Accepts Rs.58.887 Billion in Fresh Sukuk
The government had set a pre-auction target of Rs.150 billion for fresh three-month, six-month, and one-year Fixed Rate Discounted Hybrid Sukuk.
According to the PSX auction results, investors submitted bids worth Rs.392.374 billion in face value across the three tenors.
The government accepted Rs.51.601 billion through competitive bids, generating Rs.47.768 billion in proceeds.
The one-year Sukuk received the largest acceptance, with Rs.27.795 billion in face value at a cut-off yield of 12.4300 percent.
The government also accepted Rs.19.606 billion in three-month Sukuk at a cut-off yield of 12.1390 percent, while six-month Sukuk attracted acceptance of Rs.4.2 billion at 12.2995 percent.
An additional Rs.7.287 billion in face value was accepted through noncompetitive bids, comprising Rs.3.515 billion in three-month, Rs.1.558 billion in six-month, and Rs.2.214 billion in one-year Sukuk.
This brought total acceptance for the fresh fixed-rate Sukuk issuance to Rs.58.887 billion in face value, with a realized amount of Rs.54.626 billion.
Government Accepts Rs.11 Billion in 10-Year Sukuk
Separately, the government reopened its 10-year Variable Rental Rate (VRR) Hybrid Sukuk, which was initially issued on October 15, 2026.
The reopening had a pre-auction target of Rs.100 billion. Both the reference rate, based on the latest six-month Treasury bill weighted average yield, and the initial coupon rate were set at 12.1179 percent.
The long-term Sukuk attracted bids worth Rs.325.940 billion in face value, with offered prices ranging from 96.9181 to 99.2600.
However, the government accepted only Rs.11.068 billion in face value, generating Rs.10.963 billion before price premiums and Rs.11.066 billion after including premiums.
Competitive bids accounted for Rs.10 billion of the accepted amount at a cut-off price of 98.6000 and a cut-off yield of 12.3624 percent.
The accepted competitive bids carried a spread of 0.2445 percentage points over the reference rate.
The government also accepted Rs.1.068 billion through noncompetitive bids at a weighted average price of 99.0528 and a weighted average yield of 12.2815 percent.
Government Falls Short of Rs.250 Billion Sukuk Target
Combined acceptance across the two Sukuk auctions reached Rs.69.955 billion in face value against the government’s pre-auction target of Rs.250 billion.
The accepted amount represented approximately 28 percent of the targeted issuance.
Fresh fixed-rate Sukuk accounted for Rs.58.887 billion, while the reopening of the 10-year variable-rate instrument contributed another Rs.11.068 billion.
