SBP raises Rs702bn in MTBs, Floating Rate PIB auction

May 20, 2026 (MLN): The State Bank of Pakistan (SBP) conducted two government securities auctions on May 20, 2026, with a settlement date of May 21, 2026,  a Market Treasury Bills (MTBs) auction and a 10-Year Floating Rate Pakistan Investment Bond (PFL) Semi-Annual auction.

While the MTBs auction successfully raised Rs701.974bn in face value terms, the SBP rejected all bids in the floating rate PIB auction, netting zero from that instrument.

Market Treasury Bills (MTBs)

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, with bids received across all four tenors.

Total face value bids received across all tenors amounted to Rs1,733.034bn. The 1-Month tenor attracted the highest participation at Rs941.034bn, Rs456.111bn in the 3-Month, Rs185.650bn in the 12-Month, and Rs150.240bn in the 6-Month.

Of the total amount raised, Rs669.684bn came through competitive bids. The 1-Month tenor led with Rs429.034bn in accepted face value at a cut-off yield of 12.23%, while the 3-Month followed at Rs226.111bn with a cut-off yield of 12.4904%. The 6-Month attracted Rs14.040bn at 12.4999%, and the 12-Month secured Rs0.5bn at 12.59%.

Competitive Bids — MTBs

An additional Rs32.290bn was accepted through non-competitive bids, Rs13.510bn in the 3-Month, Rs7.131bn in the 1-Month, Rs5.957bn in the 12-Month, and Rs5.692bn in the 6-Month tenor.

Non-Competitive Bids — MTBs

There was no participation from Provincial Governments across any of the tenors in the accepted non-competitive bids.

The grand total raised through the MTBs auction, inclusive of both competitive and non-competitive bids, stood at Rs701.974bn in face value terms.

Total Acceptance (Competitive + Non-Competitive) — MTBs

10-Year Floating Rate PIB (PFL) Semi-Annual

In a separate auction held on the same date, the SBP invited tenders for the sale of 10-Year Pakistan Investment Bonds  Floating Rate (PFL) Semi-Annual, also with a settlement date of May 21, 2026.

Total face value bids received amounted to Rs765.5bn, with a price range of 95.6784 to 92.8642.

However, the SBP rejected all competitive bids for the 10-Year tenor, and no non-competitive bids were accepted, leaving total acceptance at zero and the government raising no funds through this instrument.

Auction Result — 10-Year Floating Rate PIB (PFL)

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