SBP raises Rs939bn through MTB Auction

MG News | August 05, 2026 at 11:34 PM GMT+05:00

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August 05, 2026 (MLN): The State Bank of Pakistan (SBP) raised Rs939.11bn 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 Rs2.29tr 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 August 5, 2026, with a settlement date of August 6, 2026.

Total face value bids received stood highest in the 1-Month tenor at Rs810.97bn, followed by Rs684.32bn in the 12-Month, Rs433.23bn in the 3-Month, and Rs358.65bn in the 6-Month tenor.

Face Value Bids Received

Tenor	Face Value (Rs bn)
1-Month	810.97
3-Month	433.23
6-Month	358.65
12-Month	684.32
Total	2,287.16

Of the total, competitive bids worth Rs564.07bn were accepted across the four tenors.

The 12-Month tenor led with Rs301.32bn accepted at a cut-off yield of 11.9490%, followed by the 3-Month at Rs113.08bn at 11.5149%, the 6-Month at Rs111.05bn at 11.7000%, and the 1-Month at Rs38.63bn at 11.3504%.

Cut-off yields eased across three tenors compared with the previous MTB auction held on July 22, with settlement on July 23, 2026, while the 1-Month tenor remained unchanged.

The 1-Month yield held steady at 11.3504%, the 3-Month eased 0.05bps to 11.5149% from 11.5154%, the 6-Month fell 9.51bps to 11.7000% from 11.7951%, and the 12-Month declined 4.48bps to 11.9490% from 11.9938%.

Cut-Off Yield Comparison

Tenor	5-Aug-26	22-Jul-26	Change (bps)
1-Month	11.35%	11.35%	0
3-Month	11.51%	11.52%	-0.05
6-Month	11.70%	11.80%	-9.51
12-Month	11.95%	11.99%	-4.48

Competitive Bids Accepted

Tenor	Face Value (Rs bn)	Cut-off Yield	Weighted Avg Yield
1-Month	38.63	11.35%	11.25%
3-Month	113.08	11.51%	11.44%
6-Month	111.05	11.70%	11.44%
12-Month	301.32	11.95%	11.87%
Total	564.07

An additional Rs375.04bn was accepted through non-competitive bids. The 6-Month tenor led this category at Rs214.24bn, followed by Rs99.79bn in the 1-Month, Rs40.73bn in the 3-Month, and Rs20.27bn in the 12-Month tenor.

Non-Competitive Bids

Tenor	Face Value (Rs bn)	Price
1-Month	99.79	99.1444
3-Month	40.73	97.4347
6-Month	214.24	94.6045
12-Month	20.27	89.417
Total	375.04

Of the accepted non-competitive bids, Provincial Government bids accounted for Rs270.00bn, led by Rs200.00bn in the 6-Month tenor, followed by Rs70.00bn in the 1-Month tenor. No Provincial Government bids were recorded in the 3-Month or 12-Month tenors.

Provincial Government Bids (within NCBs)

Tenor	Face Value (Rs bn)
1-Month	70
3-Month	-
6-Month	200
12-Month	-
Total	270

The grand total raised through the MTB auction, inclusive of competitive and non-competitive bids, stood at Rs939.11bn in face value terms, led by the 6-Month tenor at Rs325.29bn.

Total Acceptance (Face Value)

Tenor	Face Value Accepted (Rs bn)
1-Month	138.42
3-Month	153.81
6-Month	325.29
12-Month	321.59
Total	939.11

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