Govt raises around ₨934bn through PIBs, T-Bills auctions
MG News | October 16, 2025 at 09:34 AM GMT+05:00
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)
| Instrument | Tenor | Face Value Accepted | Realized Value | Cut-off Yield / Price |
|---|---|---|---|---|
| MTBs | 1-Month | 182.41 | 180.87 | 11.1104% |
| 3-Month | 321.82 | 313.88 | 11.0498% | |
| 6-Month | 60.91 | 57.78 | 11.0448% | |
| 12-Month | 210.77 | 189.59 | 11.2499% | |
| Subtotal (T-bills) | — | 775.92 | 742.12 | — |
| PIB-FR (10-Year) | — | 157.84 | — | 94.8505 |
| Grand Total | — | 933.76 | — | — |
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