SBP raises Rs377bn through PIB auction, 3-year bonds lead

MG News | October 07, 2026 at 09:50 PM GMT+05:00

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October 07, 2026 (MLN): The State Bank of Pakistan (SBP) raised Rs376.74bn in face value terms through the auction of Pakistan Investment Bonds (Fixed Rate), comprising competitive and non-competitive acceptances, against total bids of Rs849.05bn 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 October 07, 2026, with a settlement date of October 08, 2026.

The amount raised exceeded the auction target of Rs350bn, which SBP had earlier reduced from Rs450bn. The targets for the 2-Year and 3-Year tenors were lowered to Rs75bn each from Rs100bn, and the 10-Year target was cut to Rs50bn from Rs100bn, while the 5-Year and 15-Year targets were unchanged at Rs100bn and Rs50bn, respectively.

Total face value bids received stood highest in the 3-Year tenor at Rs386.403bn, followed by Rs309.775bn in the 5-Year, Rs84.525bn in the 10-Year, Rs63.351bn in the 2-Year, and Rs5.000bn in the 15-Year tenor.

Face value bids received

Tenor	Face Value (Rs bn)
2-Year	63.351
3-Year	386.403
5-Year	309.775
10-Year	84.525
15-Year	5
Total	849.054

Of the total, competitive bids worth Rs342.276bn were accepted across the tenors.

The 3-Year tenor led competitive acceptance at Rs195.000bn with a cut-off yield of 12.7460%, followed by the 5-Year at Rs122.000bn at 12.8998%, the 10-Year at Rs25.025bn at 12.8500%, and the 2-Year at Rs0.251bn at 12.7950%. Bids for the 15-Year tenor were rejected.

Cut-off yields rose by 26bps to 41bps across the 3-Year, 5-Year, and 10-Year tenors, while the 2-Year yield fell 19bps. Bids for the 15-Year tenor were rejected.

Competitive bids accepted

Tenor	Face Value (Rs bn)	Cut-off Yield	Weighted Avg Yield
2-Year	0.251	12.80%	12.79%
3-Year	195	12.75%	12.74%
5-Year	122	12.90%	12.83%
10-Year	25.025	12.85%	12.81%
15-Year	Bids Rejected	-	-
Total	342.276

Including non-competitive bids, total acceptance across all tenors reached Rs376.74bn.

The 3-Year tenor recorded the highest overall acceptance at Rs220.460bn, followed by Rs130.556bn in the 5-Year, Rs25.025bn in the 10-Year, and Rs0.699bn in the 2-Year.

No bids were received in the non-competitive category for the 10-Year tenor, while bids for the 15-Year tenor were rejected entirely.

Total acceptance (face value)

Tenor	Competitive (Rs bn)	Non-Competitive (Rs bn)	Short Selling (Rs bn)	Total Acceptance (Rs bn)
2-Year	0.2509	0.4481	-	0.699
3-Year	195	25.4603	-	220.4603
5-Year	122	8.5564	-	130.5564
10-Year	25.025	No Bid Received	-	25.025
15-Year	Bids Rejected	-	-	-
Total	342.2759	34.4648	-	376.7407

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