SBP Raises Rs492.9 Billion in T-Bills Auction; Sells Rs55 Billion in 10-Year Floating Bonds

November 12, 2025 (MLN): The State Bank of Pakistan (SBP) raised Rs492.9 billion through the latest auction of Market Treasury Bills (MTBs) against a target of Rs550 billion, reflecting strong investor participation despite subdued short-term rate movements. The auction was conducted on November 12, 2025, with settlement due on November 13.

Total bids received exceeded Rs1.56 trillion, substantially higher than both the auction target and the maturing amount of Rs602 billion. The SBP accepted bids amounting to Rs492.9 billion (realized amount Rs478.3 billion) across all four tenors.

In tenor-wise results, Rs111.7 billion was raised through 1-month bills at a cut-off yield of 10.99 percent, while the 3-month tenor attracted the largest share, raising Rs317.6 billion at 11.04 percent. The 6-month bills added Rs14.8 billion at 11.05 percent, and Rs48.8 billion was mobilized through 12-month bills at 11.35 percent.

Of the accepted amount, the non-competitive bids were Rs73.3 billion.

Compared with the previous auction, yields were largely unchanged across all maturities — the 1-month cut-off eased slightly from 11.00 percent, while the 3- and 6-month tenors remained nearly flat near 11.05 percent. The 12-month yield was steady at 11.35 percent, indicating market stability and expectations that the central bank will maintain its current policy stance in the near term.

In a separate auction, the SBP also sold Rs55.0 billion in 10-year Floating Rate Bonds (semi-annual coupon) against a target of Rs50 billion. The central bank accepted Rs52.5 billion in competitive bids and Rs2.5 billion in non-competitive bids out of total offers worth Rs727.6 billion. The cut-off price was set at 95.1388, within a bid range of 95.1388–92.7039.

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