PSX Raises Rs117.58bn For Government Through Hybrid Sukuk Auction.
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✧ GENERATE BRIEFING
The PSX raised Rs117.584 billion for the Ministry of Finance via a Hybrid Sukuk auction on September 30, 2026, drawing over Rs588 billion in total bids. The Pakistan Stock Exchange (PSX) successfully raised Rs117.584 billion for the Ministry of Finance through a competitive auction of Government of Pakistan Hybrid Sukuk (GHS) held on September 30, 2026.The auction demonstrated strong investor appetite for sovereign Shariah-compliant debt instruments, drawing total bids valued at Rs588.219 billion in face value, with a realized value reaching Rs579.763 billion. The issuance spans both short-term discounted instruments and long-term benchmarks, underscoring the expanding role of the capital market in sovereign debt management.
The Pakistan Stock Exchange (PSX) has successfully raised Rs117.584 billion for the Ministry of Finance through the Government of Pakistan Hybrid Sukuk auction held on September 30, 2026.
The auction registered exceptional institutional participation, attracting bids worth Rs588.219 billion in face value, while the realized value of the accepted bids stood at Rs579.763 billion. This reflects robust liquidity and strong investor confidence in sovereign-backed, Shariah-compliant debt instruments channeled through formal capital market infrastructure.
Auction Structure and Categories
The auction encompassed four distinct maturities to accommodate diverse investor demand:
- Short-Term Instruments: 3-month discounted, 6-month discounted, and 1-year discounted Sukuk.
- Long-Term Benchmark: 10-year Variable Rental Rate (VRR) Sukuk offered as the fifth reopening.
The Hybrid Sukuk framework integrates a dual structure combining Ijarah Sale & Lease Back and Murabaha transactions. In line with the underlying structure, 55% of the proceeds are allocated to the Ijarah transaction, while 45% support the Murabaha component.
Institutionalizing Sovereign Debt on the Exchange
The primary-market auction was executed through the dedicated PSX auction system in coordination with market infrastructure institutions, including the National Clearing Company of Pakistan (NCCPL) and the Central Depository Company (CDC).
By institutionalizing regular government debt auctions through the stock exchange, the Ministry of Finance is expanding domestic Shariah-compliant funding avenues while granting investors transparent, direct access to sovereign yields within the formal capital market.
