Govt raises around ₨934bn through PIBs, T-Bills auctions

October 16, 2025 (MLN): The government of Pakistan successfully mobilized ₨933.76 billion through the latest auctions of Market Treasury Bills (MTBs) and Pakistan Investment Bonds – Floating Rate (PIBs-FR), according to data released by the State Bank of Pakistan (SBP).

The bulk of the funding came from short-term T-bills, reflecting investors’ preference for shorter tenors amid interest rate stability and expectations of potential monetary easing in the coming months.

In the T-bills auction, the government accepted bids worth ₨742.12bn (realized value) against total participation of ₨1.77 trillion, indicating strong demand for sovereign papers.

• The 12-month T-bill drew the highest accepted amount at ₨189.6bn, suggesting investors’ growing confidence in the near-term rate environment.

• Cut-off yields remained largely unchanged from the previous auction, signalling market expectations of policy rate stability ahead of the next Monetary Policy Committee (MPC) meeting.

In the PIB-FR auction, the government raised ₨157.84bn(face value) through 10-year floating rate bonds at a cut-off price of 94.85, including ₨2.84bnin non-competitive bids.

The acceptance reflects the government’s intent to lengthen the maturity profile of public debt while leveraging investor appetite for floating-rate instruments.

Auction Summary (₨ in billion)