SBP raises Rs860bn in Fixed Rate PIB Auction

August 04, 2026 (MLN): The State Bank of Pakistan (SBP) conducted a government securities auction, with a settlement date of August 05, 2026, for the sale of Fixed Rate Pakistan Investment Bonds (PIBs).

The auction successfully raised Rs859.882bn in face value terms across multiple tenors, while all bids for the 2-Year tenor were rejected.

Pakistan Investment Bonds (Fixed Rate)

Tenders for the sale of 2-Year (Zero Coupon), 3-Year, 5-Year, 10-Year, and 15-Year (Zero Coupon) Government of Pakistan Investment Bonds were invited by the SBP, with bids received across all five tenors.

Total face value bids received across all tenors amounted to Rs1,520.577bn.

The 15-Year tenor attracted the highest participation at Rs405.00bn, followed by Rs403.78bn in the 5-Year, Rs275.579bn in the 3-Year, Rs253.717bn in the 10-Year, and Rs182.501bn in the 2-Year tenor.

Face Value Bids Received & Price Range

Of the total amount raised, Rs789.300bn came through competitive bids.

The 15-Year tenor led with Rs400.00bn in accepted face value at a cut-off yield of 12.4850% (cut-off price 17.1230).

The 10-Year followed at Rs155.467bn with a cut-off yield of 12.3000%, while the 5-Year attracted Rs136.255bn at 11.8000%.

Furthermore, the 3-Year secured Rs97.578bn at 11.7450%. All competitive bids for the 2-Year tenor were rejected by the central bank.

Competitive Bids — Fixed Rate PIBs

An additional Rs70.583bn was accepted through non-competitive bids, while no amount was raised through short selling in this auction.

The non-competitive bids included Rs42.283bn in the 5-Year, Rs25.909bn in the 3-Year, Rs2.390bn in the 10-Year, and Rs0.001bn in the 15-Year tenor.

Non-Competitive Bids & Short Selling — Fixed Rate PIBs

The grand total raised through the Fixed Rate PIB auction, inclusive of competitive bids, non-competitive bids, and short selling, stood at Rs859.882bn in face value terms.

Total Acceptance (Competitive + Non-Competitive + Short Selling)

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