SBP raises Rs1.37tr in MTBs, Floating Rate PIB

April 29, 2026 (MLN): The State Bank of Pakistan (SBP) conducted two government securities auctions, with a settlement date of April 30, 2026, a Market Treasury Bills (MTBs) auction and a 10-Year Floating Rate Pakistan Investment Bond (PFL) Semi-Annual auction. While the MTBs auction successfully raised Rs1.374 trillion in face value terms, the SBP rejected all bids in the floating rate PIB auction, netting zero from that instrument.

Market Treasury Bills (MTBs)

Tenders for the sale of 1-Month, 3-Month, 6-Month, and 12-Month Government of Pakistan Market Treasury Bills were invited by the State Bank of Pakistan through Primary Dealers, with bids received across all four tenors.

Total face value bids received across all tenors amounted to Rs3,838.711bn. The 3-Month tenor attracted the highest participation at Rs1,528.687bn, followed by Rs1,655.115bn in the 1-Month, Rs448.354bn in the 6-Month, and Rs206.555bn in the 12-Month.

Of the total amount raised, Rs1,072.512bn came through competitive bids. The 3-Month tenor was at Rs429.707bn in accepted face value at a cut-off yield of 11.8398%, while the 6-Month followed at Rs162.800bn with a cut-off yield of 11.9801%. The 1-Month attracted Rs454bn at 11.4785%, and the 12-Month secured Rs26.005bn at 12.0999%.

Competitive Bids — MTBs

An additional Rs301.968bn was accepted through non-competitive bids, Rs245.119bn in the 1-Month, Rs35.594bn in the 3-Month, Rs9.554bn in the 6-Month, and Rs11.702bn in the 12-Month tenor.

Non-Competitive Bids — MTBs

Of the accepted non-competitive bids, Provincial Government bids accounted for Rs210bn, entirely concentrated in the 1-Month tenor, with no provincial participation across the remaining tenors. The grand total raised through the MTBs auction, inclusive of both competitive and non-competitive bids, stood at Rs1,374.480bn in face value terms.

Total Acceptance (Competitive + Non-Competitive) — MTBs

10-Year Floating Rate PIB (PFL) Semi-Annual

In a separate auction held on the same date, the SBP invited tenders for the sale of 10-Year Pakistan Investment Bonds — Floating Rate (PFL) Semi-Annual, also with a settlement date of April 30, 2026.

Total face value bids received amounted to Rs585.500bn, with a price range of 95.6021 to 92.8346. However, the SBP rejected all competitive bids for the 10-Year tenor, and no non-competitive bids were accepted, leaving total acceptance at zero and the government raising no funds through this instrument.

Auction Result — 10-Year Floating Rate PIB (PFL)

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