SBP raises Rs377bn through PIB auction, 3-year bonds lead
MG News | October 07, 2026 at 09:50 PM GMT+05:00
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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