SBP raises Rs185bn through MTB Auction

MG News | September 16, 2026 at 05:24 PM GMT+05:00

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September 16, 2026 (MLN): The State Bank of Pakistan raised Rs184.96bn in face value terms through the auction of Market Treasury Bills (MTBs), inclusive of competitive and non-competitive bids, against total face value bids of Rs1,115.78bn received across four tenors.

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 on September 16, 2026, with a settlement date of September 17, 2026.

Total face value bids received stood highest in the 1-Month tenor at Rs578.45bn, followed by Rs335.59bn in the 3-Month, Rs104.98bn in the 12-Month, and Rs96.75bn in the 6-Month tenor.

Face Value Bids Received

Tenor	Face Value (Rs bn)
1-Month	578.45
3-Month	335.59
6-Month	96.75
12-Month	104.98
Total	1,115.78

Of the total, competitive bids worth Rs3.41bn were accepted across the four tenors, with all bids in the 1-Month tenor rejected.

The 6-Month tenor led with Rs1.62bn accepted at a cut-off yield of 11.7000%, followed by the 3-Month at Rs1.28bn at 11.3849%, and the 12-Month at Rs0.52bn at 12.0000%. No bids were accepted in the 1-Month tenor.

Cut-off yields eased in the 3-Month and 6-Month tenors compared with the previous MTB auction held on September 2, with settlement on September 3, 2026, while the 12-Month tenor edged higher. No comparison is available for the 1-Month tenor, as bids were rejected in the latest auction.

The 3-Month yield eased 21.4bps to 11.3849% from 11.5992%, the 6-Month declined 19.9bps to 11.7000% from 11.8990%, and the 12-Month rose 1.0bp to 12.0000% from 11.9900%.

Cut-Off Yield Comparison

Tenor	16-Sep-26	2-Sep-26	Change (bps)
1-Month	Bids Rejected	11.39%	—
3-Month	11.38%	11.60%	-21.4
6-Month	11.70%	11.90%	-19.9
12-Month	12.00%	11.99%	1

Competitive Bids Accepted

Tenor	Face Value (Rs bn)	Cut-off Yield	Weighted Avg Yield
1-Month	Bids Rejected	-	-
3-Month	1.28	11.38%	11.38%
6-Month	1.62	11.70%	11.68%
12-Month	0.52	12.00%	11.90%
Total	3.41

An additional Rs181.54bn was accepted through non-competitive bids. The 3-Month tenor led this category at Rs118.11bn, followed by Rs51.74bn in the 12-Month, and Rs11.69bn in the 6-Month tenor. No non-competitive bids were accepted in the 1-Month tenor.

Non-Competitive Bids

Tenor	Face Value (Rs bn)	Price
1-Month	Bids Rejected	-
3-Month	118.11	97.4484
6-Month	11.69	94.4983
12-Month	51.74	89.3887
Total	181.54

Of the accepted non-competitive bids, Provincial Government bids accounted for Rs100.00bn, entirely within the 3-Month tenor. No Provincial Government bids were recorded in the 1-Month, 6-Month, or 12-Month tenors.

Provincial Government Bids (within NCBs)

Tenor	Face Value (Rs bn)
1-Month	-
3-Month	100
6-Month	-
12-Month	-
Total	100

The grand total raised through the MTB auction, inclusive of competitive and non-competitive bids, stood at Rs184.96bn in face value terms, led by the 3-Month tenor at Rs119.38bn.

Total Acceptance (Face Value)

Tenor	Face Value Accepted (Rs bn)
1-Month	Bids Rejected
3-Month	119.38
6-Month	13.31
12-Month	52.26
Total	184.96

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