SBP raises Rs615bn in Fixed Rate PIB Auction

MG News | July 02, 2026 at 09:17 PM GMT+05:00

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July 02, 2026 (MLN): The State Bank of Pakistan (SBP) raised Rs615.08bn 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 Rs2,145.93bn 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 July 2, 2026, with a settlement date of July 6, 2026.

The total face value raised marked a decline from the previous Fixed Rate PIB auction held on June 17, with settlement on June 18, 2026, when SBP had raised Rs648.541bn.

Total face value bids received stood highest in the 5-Year tenor at Rs606.03bn, followed by Rs516.67bn in the 10-Year, Rs425.93bn in the 3-Year, Rs391.80bn in the 2-Year, and Rs205.50bn in the 15-Year tenor.

Face Value Bids Received

Tenor	Face Value (Rs bn)
2-Year	391.80
3-Year	425.93
5-Year	606.03
10-Year	516.67
15-Year	205.50
Total	2,145.93

Of the total, competitive bids worth Rs566bn were accepted across the five tenors.

The 3-Year tenor led competitive acceptance at Rs119.50bn with a cut-off yield of 11.49%, the 15-Year at Rs200bn at 12.2850%, the 5-Year at Rs102.50bn at 11.6260%, the 10-Year at Rs100bn at 12.14%, and the 2-Year at Rs44bn at 11.445%.

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

The 2-Year yield fell 69.5bps to 11.4450% from 12.14%, the 3-Year declined 60.0bps to 11.49% from 12.09%, the 5-Year dropped 56.4bps to 11.6260% from 12.19%, and the 10-Year eased 47.0bps to 12.1400% from 12.61%.

The 15-Year tenor, whose bids were entirely rejected in the previous auction, saw a cut-off yield of 12.2850% accepted this time.

Cut-Off Yield Comparison

Tenor	02-Jul-26	17-Jun-26	Change (bps)
2-Year	11.4450%	12.14%	(69.5)
3-Year	11.4900%	12.09%	(60.0)
5-Year	11.6260%	12.19%	(56.4)
10-Year	12.1400%	12.61%	(47.0)
15-Year	12.2850%	Bids Rejected	-

Competitive Bids Accepted

Tenor	Face Value (Rs bn)	Cut-off Yield	Weighted Avg Yield
2-Year	44	11.445%	11.4349%
3-Year	119.5	11.49%	11.4608%
5-Year	102.5	11.626%	11.5767%
10-Year	100	12.14%	12.1400%
15-Year	200	12.285%	12.2850%
Total	566

Including non-competitive bids and short selling, total acceptance across all tenors reached Rs615.08bn.

The 3-Year tenor recorded an overall acceptance at Rs136.04bn, Rs200bn in the 15-Year, Rs118.08bn in the 5-Year, Rs112.50bn in the 10-Year, and Rs48.45bn in the 2-Year.

No bids were received in the non-competitive category for the 15-Year tenor.

Total Acceptance (Face Value)

Tenor	Competitive (Rs bn)	Non-Competitive (Rs bn)	Short Selling (Rs bn)	Total Acceptance (Rs bn)
2-Year	44	4.45	-	48.45
3-Year	119.5	8.04	8.50	136.04
5-Year	102.5	15.58	-	118.08
10-Year	100	2.5	10	112.5
15-Year	200.	No Bid Received	-	200
Total	566	30.58	18.50	615.08

Total Acceptance this Quarter : Current vs Previous Auction

Auction Date	Total Face Value Raised (Rs bn)
02-Jul-26	615.08
17-Jun-26	648.541
18-May-26	651.788

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