SBP raises Rs1.15tr through T-bills, 10-year PIB-FRB

March 16, 2026 (MLN): The State Bank of Pakistan (SBP) raised a combined Rs1.151 trillion (face value) through its Market Treasury Bill (MTB) and Pakistan Investment Bond – Floating Rate (PIB-FRB) auctions conducted today, with settlement on March 17, 2026.

The auctions drew strong investor demand but were marked by a sharp upward shift in short-term yields, with the 3-month T-Bill cut-off yield surging 100 basis points (bps) compared to the previous auction held on March 4, 2026.

The MTB auction saw the SBP accept bids aggregating Rs1,045.7 billion in total face value, comprising Rs628.96 billion in competitive bids and Rs416.77 billion in non-competitive bids (NCBs).

The realized value of total accepted bids stood at Rs1,024.5 billion.

Bids Received vs. Accepted

Source: State Bank of Pakistan, Figures in PKR billions

Total competitive bids received across all four tenors aggregated Rs941.7 billion in face value, against which the SBP accepted Rs629 billion on a competitive basis.

The 12-month T-Bill saw the most selective acceptance, with the SBP receiving bids worth Rs168.7 billion but accepting only Rs8.5 billion competitively.

The 6-month tenor likewise saw Rs102.7 billion in bids but only Rs21.2 billion accepted.

In contrast, the 1-month bill was accepted almost in full (Rs457.3 bn accepted vs Rs482.3 bn received).

Cut-Off Yields

Source: State Bank of Pakistan

All four tenors converged near the 11.50% mark in cut-off yields, a notable shift from the March 4 auction, where yields ranged between 10.50% and 10.99%.

The sharpest rise was in the 3-month tenor, which jumped exactly 100bps to 11.50%. The 1-month tenor was close behind, rising 98.4bps to 11.4795%, while the 6-month and 12-month bills moved up 76bps and 50.7bps respectively.

Amount Raised by Tenor (Face Value)

Source: State Bank of Pakistan, Figures in PKR billions

The 3-month T-Bill was the most actively subscribed instrument at Rs529.7 billion in face value, followed by the 1-month bill at Rs467.7 billion.

Notably, the 3-month tenor attracted Rs387.8 billion in non-competitive bids, overwhelmingly dominated by Provincial Government funds (Rs371.9 billion).

The 6-month and 12-month instruments saw comparatively subdued participation at Rs26.2 billion and Rs22.1 billion, respectively.

PIB Floating Rate (10-Year)

The 10-year Pakistan Investment Bond – Floating Rate (PFL) Semi-Annual auction received total bids of Rs209.95 billion, of which the SBP accepted Rs104.20 billion competitively plus Rs0.96 billion via non-competitive bids, bringing total acceptance to Rs105.16 billion.

The cut-off price was set at 94.4150, while the non-competitive price was marginally higher at 94.4219.

PIB Floating Rate Auction Summary

Source: State Bank of Pakistan, Figures in PKR billions

The accepted realized amount for the 10-year PFL stood at Rs98.39 billion plus accrued interest of Rs2.05 billion, for a total realized amount of Rs100.44 billion.

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