SBP raises Rs950bn in MTBs, Floating Rate PIB Auction

May 13, 2026 (MLN): The State Bank of Pakistan (SBP) conducted two government securities auctions, with a settlement date of May 14, 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 Rs949.777 billion 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 Rs2,556.080 billion. The 1-Month tenor attracted the highest participation at Rs1,576.741 billion, followed by Rs585.890 billion in the 3-Month, Rs212.943 billion in the 12-Month, and Rs180.505 billion in the 6-Month.

Of the total amount raised, Rs581.339 billion came through competitive bids. The 3-Month tenor led with Rs448.390 billion in accepted face value at a cut-off yield of 12.0848%, while the 12-Month followed at Rs90.443 billion with a cut-off yield of 12.4999%. The 1-Month attracted Rs17.5 billion at 11.3703%, and the 6-Month secured Rs25.005 billion at 12.3499%.

Competitive Bids — MTBs

An additional Rs368.438 billion was accepted through non-competitive bids, Rs308.489 billion in the 3-Month, Rs36.405 billion in the 1-Month, Rs12.091 billion in the 12-Month, and Rs11.453 billion in the 6-Month tenor.

Non-Competitive Bids — MTBs

Of the accepted non-competitive bids, Provincial Government bids accounted for Rs273.7 billion, entirely concentrated in the 3-Month tenor, with no provincial participation across the remaining tenors.

The grand total raised through the MTBs auction, inclusive of both competitive and non-competitive bids, stood at Rs949.777 billion 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 14, 2026.

Total face value bids received amounted to Rs772.5 billion, with a price range of 95.6711 to 92.8539. 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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