SBP raises Rs880bn through MTB auction

September 30, 2026 (MLN): The State Bank of Pakistan raised Rs880.06bn 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 Rs2,726.41bn 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 September 30, 2026, with a settlement date of October 1, 2026.

Total face value bids received stood highest in the 1-Month tenor at Rs1,483.35bn, followed by Rs598.96bn in the 3-Month, Rs358.26bn in the 12-Month, and Rs285.83bn in the 6-Month tenor.

Face Value Bids Received

Of the total, competitive bids worth Rs400.26bn were accepted across the four tenors.

The 3-Month tenor led with Rs143.86bn accepted at a cut-off yield of 11.9944%, followed by the 1-Month at Rs138.40bn at 11.6794%, the 6-Month at Rs88.33bn at 12.4500%, and the 12-Month at Rs29.66bn at 12.4945%.

Cut-off yields rose across the 3-Month, 6-Month, and 12-Month tenors compared with the previous MTB auction held on September 16, with settlement on September 17, 2026. No comparison is available for the 1-Month tenor, as bids were rejected in the previous auction.

The 3-Month yield rose 60.95bps to 11.9944% from 11.3849%, the 6-Month rose 75.0bps to 12.4500% from 11.7000%, and the 12-Month rose 49.45bps to 12.4945% from 12.0000%.

Cut-Off Yield Comparison

Competitive Bids Accepted

An additional Rs479.80bn was accepted through non-competitive bids. The 3-Month tenor led this category at Rs335.72bn, followed by Rs95.75bn in the 1-Month, Rs31.80bn in the 12-Month, and Rs16.53bn in the 6-Month tenor.

Non-Competitive Bids

Of the accepted non-competitive bids, Provincial Government bids accounted for Rs380.00bn, split between Rs300.00bn in the 3-Month tenor and Rs80.00bn in the 1-Month tenor. No Provincial Government bids were recorded in the 6-Month or 12-Month tenors.

Provincial Government Bids (within NCBs)

The grand total raised through the MTB auction, inclusive of competitive and non-competitive bids, stood at Rs880.06bn in face value terms, led by the 3-Month tenor at Rs479.58bn.

Total Acceptance (Face Value)

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