SBP raises Rs1.2tr in MTB Auction

June 23, 2026 (MLN): The State Bank of Pakistan (SBP) conducted two government securities auctions, with a settlement date of June 24, 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 Rs1.243 trillion 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.

Bids were actively received across all four tenors.

Total face value bids received across all tenors amounted to Rs3,088.5bn.

The 12-Month tenor attracted the highest participation at Rs1,747.6bn, followed by Rs628.03bn in the 6-Month, Rs420.39bn in the 3-Month, and Rs292.46bn in the 1-Month tenor.

Of the total amount raised, Rs1,060.69bn came through competitive bids.

The 12-Month tenor led the competitive acceptance with Rs603.6bn in accepted face value at a cut-off yield of 11.8381%, while the 6-Month followed at Rs187.05bn with a cut-off yield of 11.7479%. The 1-Month attracted Rs148.7bn at 11.7997%, and the 3-Month secured Rs121.34bn at 11.7499%.

Competitive Bids — MTBs

An additional Rs182.16bn was accepted through non-competitive bids.

The 3-Month tenor led this category with Rs131.42bn, followed by Rs20.72bn in the 12-Month, Rs17.52bn in the 6-Month, and Rs12.5bn in the 1-Month tenor.

Non-Competitive Bids — MTBs

Of the accepted non-competitive bids, Provincial Government bids accounted for Rs100bn.

This participation was entirely concentrated in the 3-Month tenor, with no provincial investment recorded across the remaining tenors.

The grand total raised through the MTBs auction, inclusive of both competitive and non-competitive bids, stood at Rs1,242.85bn 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,  SBP invited tenders for the sale of 10-Year Pakistan Investment Bonds  Floating Rate (PFL) Semi-Annual, also with a settlement date of June 24, 2026.

Total face value bids received from primary dealers amounted to Rs302.5bn, within a quoted price range of 96.0004 to 94.0322.

However, the SBP rejected all competitive bids for the 10-Year tenor, and no non-competitive bids were accepted.

This left total acceptance at zero, meaning the government raised no funds through this long-term floating instrument.

Auction Result — 10-Year Floating Rate PIB (PFL)

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