SBP raises Rs342bn in PIB Auction

MG News | July 16, 2025 at 11:00 PM GMT+05:00

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July 16, 2025 (MLN): The State Bank of Pakistan (SBP) has secured Rs342.32 billion in today's auction of Fixed Rate Pakistan Investment Bonds (PIBs).

The auction offered a mix of fixed-rate and zero-coupon instruments across five tenors: 2-Year, 3-Year, 5-Year, 10-Year, and 15-Year. Notably, bids for the 15-year tenor were rejected entirely.

The highest acceptance came from the 5-Year bonds, which accounted for Rs254.84bn, indicating strong investor interest in mid-term instruments.

Cut-off yields showed a rising trend with the 2-Year bond settled at 10.8480%, the 3-Year at 11.0500%, the 5-Year at 11.3900%, and the 10-Year reaching as high as 12.2000%.

The 15-year tenor was rejected, as bids in this ultra-long maturity fell within a steeply discounted price range of 12.42–16.81, prompting the SBP to decline all offers, which highlighted its reluctance to lock in long-term borrowing at such high costs.

Fixed Rate PIB Auction Results

Tenor	Non-Competitive Price	Competitive Bids	Non-Competitive Bids	Short Selling	Total Acceptance (Face Value)
02-Year	81.4229	13,300.000	6,967.900	19,000.000	39,267.900
03-Year	98.7412	19,354.600	15,910.600	6,500.000	41,765.200
05-Year	98.9075	247,000.000	7,840.000	—	254,840.000
10-Year	96.0179	159.300	1,290.000	5,000.000	6,449.300
15-Year	—	—	—	—	—
Total	—	279,813.900	32,008.500	30,500.000	342,322.400

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