SBP raises Rs726bn in T-Bills Auction

January 21, 2026 (MLN): The State Bank of Pakistan (SBP) raised Rs725.7bn through the latest auction of Market Treasury Bills (MTBs) against a target of Rs700bn.

The auction was conducted on January 21, 2026, with settlement due on January 22.

Total bids received amounted to Rs1.85 trillion, substantially higher than both the auction target and the accepted amount. The SBP accepted bids totaling Rs725.7bn (realized amount Rs1.735 trillion) across all four tenors.

In tenor-wise results, Rs32.3m was raised through 1-month bills at a weighted average yield of 9.8996%, while the 3-month tenor attracted the largest share, raising Rs374.3bn at 9.8776%. The 6-month bills added Rs44.1bn at 9.928%, and Rs240.1bn was mobilized through 12-month bills at 9.8975%.

Of the accepted amount, competitive bids  totaled Rs293.2bn. The non-competitive bids accepted were Rs432.497bn.

In a separate auction, the SBP also conducted a sale of 10-year Pakistan Investment Bonds (PIBs) with floating rate (semi-annual coupon). The auction, held on January 21 with a face value target of Rs428.1bn, received bids within a price range of 97.6567 to 95.2717. The bids were rejected.

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