SBP raises Rs393bn through PIB auction

MG News | November 05, 2026 at 09:56 AM GMT+05:00

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November 05, 2026 (MLN): The State Bank of Pakistan (SBP) raised Rs392.83bn 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 Rs1,295.54bn 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 November 04, 2026, with a settlement date of November 05, 2026.

The total face value raised marked an increase from the previous Fixed Rate PIB auction held on October 07, 2026, with settlement on October 08, 2026, when SBP had raised Rs376.74bn.

Total face value bids received stood highest in the 3-Year tenor at Rs621.230bn, followed by Rs437.850bn in the 5-Year, Rs121.463bn in the 10-Year, Rs110.000bn in the 2-Year, and Rs5.000bn in the 15-Year tenor.

Face Value Bids Received

Tenor	Face Value (Rs bn)
2-Year	110
3-Year	621.23
5-Year	437.85
10-Year	121.463
15-Year	5
Total	1,295.54

Of the total, competitive bids worth Rs366.468bn were accepted across the tenors.

The 3-Year tenor led competitive acceptance at Rs157.005bn with a cut-off yield of 12.6380%, followed by the 5-Year at Rs149.650bn at 12.8000%, the 10-Year at Rs56.063bn at 12.8500%, and the 2-Year at Rs3.750bn at 12.7900%. Bids for the 15-Year tenor were rejected.

Cut-off yields eased across most comparable tenors from the previous auction.

The 2-Year yield fell 0.5bps to 12.7900% from 12.7950%, the 3-Year declined 10.8bps to 12.6380% from 12.7460%, and the 5-Year dropped 10.0bps to 12.8000% from 12.8998%, while the 10-Year yield remained unchanged at 12.8500%.

Bids for the 15-Year tenor were rejected again, as in the previous auction.

Cut-Off Yield Comparison

Tenor	4-Nov-26	7-Oct-26	Change (bps)
2-Year	12.79%	12.80%	-1
3-Year	12.64%	12.75%	-11
5-Year	12.80%	12.90%	-10
10-Year	12.85%	12.85%	0
15-Year	Bids Rejected	Bids Rejected	-

Competitive Bids Accepted

Tenor	Face Value (Rs bn)	Cut-off Yield	Weighted Avg Yield
2-Year	3.75	12.79%	12.79%
3-Year	157.005	12.64%	12.62%
5-Year	149.65	12.80%	12.76%
10-Year	56.063	12.85%	12.84%
15-Year	Bids Rejected	-	-
Total	366.468

Including non-competitive bids and short selling, total acceptance across all tenors reached Rs392.83bn.

The 3-Year tenor recorded the highest overall acceptance at Rs165.330bn, followed by Rs159.926bn in the 5-Year, Rs56.063bn in the 10-Year, and Rs11.507bn in the 2-Year.

Short selling of Rs7.250bn was accepted in the 2-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	3.75	0.5073	7.25	11.5073
3-Year	157.005	8.3252	-	165.3302
5-Year	149.65	10.2763	-	159.9263
10-Year	56.0627	0.0003	-	56.063
15-Year	Bids Rejected	-	-	-
Total	366.4677	19.1091	7.25	392.8268

Total Acceptance this Quarter: Current vs Previous Auction

Auction Date	Total Face Value Raised (Rs bn)
4-Nov-26	392.83
7-Oct-26	376.74

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