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Pakistan adds short-term Hybrid Sukuk to revised PKR 625 billion auction plan

Government introduces three-month and six-month Islamic debt instruments while retaining the cumulative issuance target through mid-September

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Haris Zamir

Business Editor

Experience of almost 33 years where started the journey of financial journalism from Business Recorder in 1992. From 2006 onwards attached with Television Media worked at Sun Tv, Dawn Tv, Geo Tv and Dunya Tv. During the period also worked as a stringer for Bloomberg for seven years and Dow Jones for five years. Also wrote articles for several highly acclaimed periodicals like the Newsline, Pakistan Gulf Economist and Money Matters (The News publications)

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Pakistan adds short-term Hybrid Sukuk to revised PKR 625 billion auction plan

Pakistan keeps PKR 625 billion Sukuk target, adds shorter-term securities

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Pakistan has revised its auction calendar for Government of Pakistan (GoP) Hybrid Sukuk and GoP Ijarah Sukuk, introducing three-month and six-month Hybrid Sukuk while maintaining a cumulative issuance target of PKR 625 billion through mid-September.

The revision, announced by the Pakistan Stock Exchange (PSX), follows instructions from the Debt Management Office (DMO) of the Ministry of Finance and supersedes the auction schedule issued on June 8.

The PSX said auctions for GoP Hybrid Sukuk (GHS) and GoP Ijarah Sukuk (GIS) will be conducted under the revised calendar for July and August 2026, together with the September 2026 auction schedule issued by the DMO.

The updated calendar adds three-month and six-month GoP Hybrid Sukuk to the existing one-year and 10-year instruments.

Under the Discounted and Variable Rental Rate (VRR) GoP Hybrid Sukuk program, five auctions are scheduled for July 22, Aug. 5, Aug. 19, Sept. 2 and Sept. 16, with settlement taking place one day after each auction.

Each auction has a target of PKR 25 billion for the three-month tenor, PKR 25 billion for the six-month tenor, PKR 25 billion for the one-year tenor and PKR 50 billion for the 10-year tenor, bringing the total target size to PKR 125 billion per auction.

The cumulative issuance target under the revised calendar remains PKR 625 billion, including PKR 125 billion each for the three-month, six-month and one-year tenors, and PKR 250 billion for the 10-year tenor.

The PSX said all GoP Sukuk auctions will continue to use a non-uniform pricing, or pay-as-bid, mechanism. Non-competitive bids will be accepted at the weighted average accepted yield or price determined in each auction.

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