SBP raises Rs518bn through MTB Auction

MG News | August 19, 2026 at 09:04 PM GMT+05:00

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August 19, 2026 (MLN): The State Bank of Pakistan (SBP) raised Rs517.90bn 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 Rs2.19tr 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 August 19, 2026, with a settlement date of August 20, 2026.

Total face value bids received stood highest in the 1-Month tenor at Rs987.31bn, followed by Rs505.27bn in the 12-Month, Rs487.76bn in the 3-Month, and Rs211.89bn in the 6-Month tenor.

Face Value Bids Received

Tenor	Face Value (Rs bn)
1-Month	987.31
3-Month	487.76
6-Month	211.89
12-Month	505.27
Total	2,192.24

Of the total, competitive bids worth Rs237.60bn were accepted across the four tenors.

The 3-Month tenor led with Rs118.71bn accepted at a cut-off yield of 11.6450%, followed by the 12-Month at Rs52.59bn at 11.9900%, the 1-Month at Rs38.01bn at 11.4698%, and the 6-Month at Rs28.29bn at 11.7980%.

Cut-off yields rose across all four tenors compared with the previous MTB auction held on August 5, with settlement on August 6, 2026.

The 1-Month yield rose 11.9bps to 11.4698% from 11.3504%, the 3-Month climbed 13.0bps to 11.6450% from 11.5149%, the 6-Month increased 9.8bps to 11.7980% from 11.7000%, and the 12-Month rose 4.1bps to 11.9900% from 11.9490%.

Cut-Off Yield Comparison

Tenor	19-Aug-26	5-Aug-26	Change (bps)
1-Month	11.47%	11.35%	11.9
3-Month	11.65%	11.51%	13
6-Month	11.80%	11.70%	9.8
12-Month	11.99%	11.95%	4.1

Competitive Bids Accepted

Tenor	Face Value (Rs bn)	Cut-off Yield	Weighted Avg Yield
1-Month	38.01	11.47%	11.44%
3-Month	118.71	11.65%	11.54%
6-Month	28.29	11.80%	11.73%
12-Month	52.59	11.99%	11.96%
Total	237.6

An additional Rs280.30bn was accepted through non-competitive bids. The 3-Month tenor led this category at Rs230.83bn, followed by Rs17.98bn in the 6-Month, Rs17.20bn in the 12-Month, and Rs14.29bn in the 1-Month tenor.

Non-Competitive Bids

Tenor	Face Value (Rs bn)	Price
1-Month	14.29	99.13
3-Month	230.83	97.4139
6-Month	17.98	94.4745
12-Month	17.2	89.3466
Total	280.3

Of the accepted non-competitive bids, Provincial Government bids accounted for Rs200.00bn, 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	200
6-Month	-
12-Month	-
Total	200

The grand total raised through the MTB auction, inclusive of competitive and non-competitive bids, stood at Rs517.90bn in face value terms, led by the 3-Month tenor at Rs349.54bn.

Total Acceptance (Face Value)

Tenor	Face Value Accepted (Rs bn)
1-Month	52.3
3-Month	349.54
6-Month	46.27
12-Month	69.79
Total	517.9

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