SBP raises Rs685bn through MTB auction

October 14, 2026 (MLN): The State Bank of Pakistan raised Rs685.53bn 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 Rs2,640.41bn 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 October 14, 2026, with a settlement date of October 15, 2026.

Total face value bids received stood highest in the 1-Month tenor at Rs981.49bn, followed by Rs841.97bn in the 6-Month, Rs415.99bn in the 12-Month, and Rs400.95bn in the 3-Month tenor.

Face value bids received

Of the total, competitive bids worth Rs417.61bn were accepted across the four tenors.

The 6-Month tenor led with Rs224.20bn accepted at a cut-off yield of 12.3989%, followed by the 1-Month at Rs101.10bn at 11.5003%, the 3-Month at Rs81.81bn at 11.9999%, and the 12-Month at Rs10.50bn at 12.4999%.

Cut-off yields moved in mixed directions across the four tenors compared with the previous MTB auction held on September 30, with settlement on October 1, 2026.

The 1-Month yield eased 17.91bps to 11.5003% from 11.6794%, the 3-Month rose 0.55bps to 11.9999% from 11.9944%, the 6-Month declined 5.11bps to 12.3989% from 12.4500%, and the 12-Month rose 0.54bps to 12.4999% from 12.4945%.

Cut-Off yield comparison

Competitive bids accepted

An additional Rs267.92bn was accepted through non-competitive bids. The 3-Month tenor led this category at Rs228.31bn, followed by Rs17.71bn in the 6-Month, Rs12.87bn in the 1-Month, and Rs9.03bn in the 12-Month tenor.

Non-competitive bids

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)

The grand total raised through the MTB auction, inclusive of competitive and non-competitive bids, stood at Rs685.53bn in face value terms, led by the 6-Month tenor at Rs241.91bn.

Total acceptance (face value)

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