SBP raises around Rs2tr through MTBs auction

June 10, 2026 (MLN): The State Bank of Pakistan (SBP) conducted two government securities auctions, with a settlement date of June 11, 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 Rs1.962 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, with bids received across all four tenors.

Total face value bids received across all tenors amounted to Rs4,630.5 bn.

The 1-Month tenor attracted the highest participation at Rs1,861.7 bn, followed by Rs1,513.2 bn in the 3-Month, Rs642.01 bn in the 6-Month, and Rs613.4 bn in the 12-Month.

Of the total amount raised, Rs1,674.4 bn came through competitive bids.

The 3-Month tenor led with Rs740.8 bn in accepted face value at a cut-off yield of 12.4988%, while the 1-Month followed at Rs624.7 bn with a cut-off yield of 12.1892%.

The 6-Month secured Rs167.03 bn at 12.4901%, and the 12-Month attracted Rs141.87 bn at 12.9895%.

Competitive Bids — MTBs

An additional Rs287.88 bn was accepted through non-competitive bids,  Rs246.73 bn in the 3-Month, Rs25.84 bn in the 1-Month, Rs9.15 bn in the 6-Month, and Rs6.16 bn in the 12-Month tenor.

Non-Competitive Bids — MTBs

Of the accepted non-competitive bids, Provincial Government bids accounted for Rs200 bn, 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 Rs1.962tr 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 June 11, 2026.

Total face value bids received amounted to Rs481 bn, with a price range of 95.9389 to 93.4693.

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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