SBP buys back Rs122.1bn in PFL

MG News | November 13, 2025 at 11:19 AM GMT+05:00

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November 13, 2025 (MLN): The State Bank of Pakistan (SBP) successfully conducted a buyback auction for Pakistan Investment Bonds - Floating Rate (PFL) on November 12, 2025, accepting bids worth Rs122.1bn across multiple tenors.

The auction, which settled on November 13, saw the central bank repurchase both 5-year and 10-year floating rate bonds from the secondary market as part of its debt management operations.

[TABLE 1: Bid Summary]

Tenor	Face Value (PKR million)	Price Range	Maturity Date
05-Year	41,400.00	98.6591 - 99.3719	21-Sep-28
05-Year	60,600.00	98.7165 - 98.9827	19-Oct-28
05-Year	30,100.00	98.4566 - 98.7594	18-Apr-29
10-Year	5,000.00	100.4799 - 100.4799	18-Apr-29
Total	137,100.00

The SBP received total bids amounting to Rs137.1bn but accepted Rs122.1bn worth of securities. The auction covered bonds with three different maturity dates in the 5-year category and one maturity in the 10-year segment.

[TABLE 2: Auction Results]

Tenor	Face Value	Realized Amount	Accrued Interest	Total Realized Amount	Cut-off Price
05-Year	26,400.00	26,128.289	415.721	26,544.009	98.991
05-Year	60,600.00	59,912.158	452.481	60,364.639	98.9827
05-Year	30,100.00	29,714.014	233.737	29,947.751	98.7594
10-Year	5,000.00	5,023.995	41.327	5,065.322	100.4799
Total	122,100.000	120,778.455	1,143.266	121,921.722

The realized amount from the buyback reached Rs120.78bn, with accrued interest adding Rs1.14bn to bring the total settlement amount to Rs121.92bn.

The buyback operation reflects the central bank's active debt management strategy, allowing it to manage the government's debt profile and provide liquidity to the secondary bond market.

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