SBP raises Rs680bn through MTB Auction

MG News | September 02, 2026 at 10:20 PM GMT+05:00

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September 02, 2026 (MLN): The State Bank of Pakistan (SBP) raised Rs680.07bn 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 Rs2,773.85bn 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 September 2, 2026, with a settlement date of September 3, 2026.

Total face value bids received stood highest in the 1-Month tenor at Rs1,171.27bn, followed by Rs711.05bn in the 12-Month, Rs459.31bn in the 3-Month, and Rs432.22bn in the 6-Month tenor.

Face Value Bids Received

Tenor	Face Value (Rs bn)
1-Month	1,171.27
3-Month	459.31
6-Month	432.22
12-Month	711.05
Total	2,773.85

Of the total, competitive bids worth Rs284.24bn were accepted across the four tenors.

The 3-Month tenor led with Rs138.52bn accepted at a cut-off yield of 11.5992%, followed by the 6-Month at Rs105.22bn at 11.8990%, the 12-Month at Rs21.04bn at 11.9900%, and the 1-Month at Rs19.46bn at 11.3875%.

Cut-off yields moved in mixed directions across the four tenors compared with the previous MTB auction held on August 19, with settlement on August 20, 2026.

The 1-Month yield eased 8.2bps to 11.3875% from 11.4698%, the 3-Month declined 4.6bps to 11.5992% from 11.6450%, the 6-Month rose 10.1bps to 11.8990% from 11.7980%, and the 12-Month held unchanged at 11.9900%.

Cut-Off Yield Comparison

Tenor	2-Sep-26	19-Aug-26	Change (bps)
1-Month	11.39%	11.47%	-8.2
3-Month	11.60%	11.65%	-4.6
6-Month	11.90%	11.80%	10.1
12-Month	11.99%	11.99%	0

Competitive Bids Accepted

Tenor	Face Value (Rs bn)	Cut-off Yield	Weighted Avg Yield
1-Month	19.46	11.39%	11.38%
3-Month	138.52	11.60%	11.56%
6-Month	105.22	11.90%	11.82%
12-Month	21.04	11.99%	11.95%
Total	284.24

An additional Rs395.83bn was accepted through non-competitive bids. The 3-Month tenor led this category at Rs249.31bn, followed by Rs104.12bn in the 1-Month, Rs26.60bn in the 12-Month, and Rs15.80bn in the 6-Month tenor.

Non-Competitive Bids

Tenor	Face Value (Rs bn)	Price
1-Month	104.12	99.1343
3-Month	249.31	97.4091
6-Month	15.8	94.4344
12-Month	26.6	89.3534
Total	395.83

Of the accepted non-competitive bids, Provincial Government bids accounted for Rs275.00bn, split between Rs200.00bn in the 3-Month tenor and Rs75.00bn in the 1-Month tenor. No Provincial Government bids were recorded in the 6-Month or 12-Month tenors.

Provincial Government Bids (within NCBs)

Tenor	Face Value (Rs bn)
1-Month	75
3-Month	200
6-Month	–
12-Month	–
Total	275

The grand total raised through the MTB auction, inclusive of competitive and non-competitive bids, stood at Rs680.07bn in face value terms, led by the 3-Month tenor at Rs387.82bn.

Total Acceptance (Face Value)

Tenor	Face Value Accepted (Rs bn)
1-Month	123.58
3-Month	387.82
6-Month	121.02
12-Month	47.64
Total	680.07

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