SBP raises Rs1.53tr across MTBs, floating rate PIB auctions

April 15, 2026 (MLN):  The State Bank of Pakistan (SBP) conducted two separate government securities auctions on April 15, 2026, with a settlement date of April 16, 2026, a Market Treasury Bills (MTBs) auction and a 10-Year Floating Rate Pakistan Investment Bond (PFL) Semi-Annual auction, collectively raising Rs1.529 trillion in face value terms across short and long-term maturities.

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 Rs4,249.97bn.

The 3-Month tenor attracted the highest participation at Rs1,884.57bn, followed by Rs1,673.021bn in the 1-Month, Rs496.2bn in the 12-Month, and Rs196.18bn in the 6-Month.

Of the total amount raised, Rs1,048.105bn came through competitive bids.

The 3-Month tenor dominated with Rs787.055bn in accepted face value at a cut-off yield of 11.4380%, while the 12-Month followed at Rs215.9bn with a cut-off yield of 11.89%. The 1-Month attracted Rs42.65bn at 10.6982%, and the 6-Month secured Rs2.5bn at 11.1549%.

Competitive Bids  MTBs

An additional Rs438.311bn was accepted through non-competitive bids Rs361.116bn in the 1-Month, Rs56.745bn in the 3-Month, Rs11.878bn in the 6-Month, and Rs8.573bn in the 12-Month tenor.

Non-Competitive Bids MTBs

Of the accepted non-competitive bids, Provincial Government bids accounted for Rs345.460bn out of which Rs323.770bn came in the 1-Month and Rs21.690bn in the 3-Month tenor, with no provincial participation in the 6-Month or 12-Month tenors.

The grand total raised through the MTBs auction, inclusive of both competitive and non-competitive bids, stood at Rs1,486.416bn 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 16, 2026.

Total face value bids received for the 10-Year PFL amounted to Rs909.565bn, with a price range of 95.3663 to 93.0661.

The SBP accepted Rs40bn in competitive bids at a cut-off price of 95.3397, with a realized amount of Rs38.143bn and accrued interest of Rs1.133bn, bringing the total realized amount to Rs39.276bn.

An additional Rs2.682bn was accepted through non-competitive bids at a price of 95.3563, bringing the total face value acceptance inclusive of non-competitive bids  to Rs42.682bn.

Auction Result  10-Year Floating Rate PIB (PFL)

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