Pakistan Stock Exchange Limited (PSX) has released an updated auction calendar for Government of Pakistan (GoP) Hybrid Sukuk (GHS) and GoP Ijarah Sukuk (GIS) scheduled between July and September 2026, as advised by the Debt Management Office (DMO) under the Ministry of Finance.
The revised calendar outlines a comprehensive range of instruments, including short-term GoP Hybrid Sukuk with maturities of three and six months, alongside one-year, three-year, five-year, and ten-year tenors, all targeting a cumulative issuance of Rs925 billion during the quarter.
Specific under the Discounted and Variable Rental Rate (VRR) GHS category, PSX will hold five auctions from July 22 to September 16, 2026, each with a target size of Rs125 billion. These include Rs25 billion allocations for three-month, six-month, and one-year tenors, with a Rs50 billion target for the ten-year maturity, totaling Rs625 billion under VRR Sukuk.
For Fixed Rental Rate (FRR) GHS and Fixed Rate Zero Coupon (FRZ) GIS, two auctions are planned on August 4 and September 18, 2026, with a combined target of Rs300 billion. These will feature three-year, five-year, and ten-year instruments, each with a Rs50 billion target per auction.
All GoP Sukuk auctions will employ a Non-Uniform Pricing (Pay-as-Bid) mechanism, while Non-Competitive Bids (NCBs) will be accepted at the weighted average accepted yield or price of the respective auction. The 10-year FRR Zero Coupon Sukuk issuance will be structured under the Ijarah framework. Detailed guidelines for the Pay-as-Bid mechanism will be circulated to market participants separately.
Auction notices and supplementary details will be disseminated to market participants ahead of each scheduled auction.
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