SBP raises Rs181bn in Fixed Rate PIB Auction

September 18, 2026 (MLN): The State Bank of Pakistan (SBP) raised Rs181.12bn in face value terms through the auction of Pakistan Investment Bonds (Fixed Rate), comprising competitive, non-competitive, and short-selling acceptances, against total bids of Rs343.58bn received across five tenors.

The auction, covering 2-Year (Zero Coupon), 3-Year, 5-Year, 10-Year, and 15-Year (Zero Coupon) PIBs with Fixed Coupon, was held on September 18, 2026, with a settlement date of September 21, 2026.

The total face value raised marked a sharp decline from the previous Fixed Rate PIB auction held on August 4, 2026, with settlement on August 5, 2026, when SBP had raised Rs859.882bn.

Total face value bids received stood highest in the 5-Year tenor at Rs106.405bn, followed by Rs92.750bn in the 3-Year, Rs75.423bn in the 10-Year, Rs64.000bn in the 2-Year, and Rs5.000bn in the 15-Year tenor.

Face Value Bids Received

Of the total, competitive bids worth Rs140.078bn were accepted across the tenors.

The 5-Year tenor led competitive acceptance at Rs60.155bn with a cut-off yield of 12.4900%, followed by the 3-Year at Rs51.000bn at 12.4900%, the 10-Year at Rs16.923bn at 12.5000%, and the 2-Year at Rs12.000bn at 12.3990%. Bids for the 15-Year tenor were rejected.

Cut-off yields rose across all comparable tenors from the previous auction.

The 3-Year yield rose 74.0bps to 12.4900% from 11.7500%, the 5-Year climbed 69.0bps to 12.4900% from 11.8000%, and the 10-Year edged up 20.0bps to 12.5000% from 12.3000%.

The 15-Year tenor, whose bids were accepted at 12.4900% in the previous auction, saw its bids rejected this time, while the 2-Year tenor, whose bids were entirely rejected in the previous auction, saw a cut-off yield of 12.3990% accepted.

Cut-Off Yield Comparison

Competitive Bids Accepted

Including non-competitive bids and short selling, total acceptance across all tenors reached Rs181.12bn.

The 5-Year tenor recorded the highest overall acceptance at Rs71.978bn, followed by Rs64.156bn in the 3-Year, Rs27.238bn in the 10-Year, and Rs17.748bn in the 2-Year.

No bids were received in the non-competitive category for the 15-Year tenor, whose bids were rejected entirely.

Total Acceptance (Face Value)

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