SBP raises nearly Rs2tr through MTB auction

MG News | October 28, 2026 at 11:00 PM GMT+05:00

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October 28, 2026 (MLN): The State Bank of Pakistan raised Rs1,913.25bn 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 Rs4,867.93bn 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 October 28, 2026, with a settlement date of October 29, 2026.

Total face value bids received stood highest in the 3-Month tenor at Rs2,005.94bn, followed by Rs1,682.31bn in the 1-Month, Rs843.73bn in the 12-Month, and Rs335.96bn in the 6-Month tenor.

Face value bids received

Tenor	Face Value (Rs bn)
1-Month	1,682.31
3-Month	2,005.94
6-Month	335.96
12-Month	843.73
Total	4,867.93

Of the total, competitive bids worth Rs1,668.84bn were accepted across the four tenors.

The 3-Month tenor led with Rs783.54bn accepted at a cut-off yield of 12.4261%, followed by the 1-Month at Rs473.07bn at 12.1055%, the 12-Month at Rs242.73bn at 12.8900%, and the 6-Month at Rs169.51bn at 12.6500%.

Cut-off yields rose across all four tenors compared with the previous MTB auction held on October 14, with settlement on October 15, 2026.

The 1-Month yield rose 60.52bps to 12.1055% from 11.5003%, the 3-Month rose 42.62bps to 12.4261% from 11.9999%, the 6-Month rose 25.11bps to 12.6500% from 12.3989%, and the 12-Month rose 39.01bps to 12.8900% from 12.4999%.

Cut-off yield comparison

Tenor	28-Oct-26	14-Oct-26	Change (bps)
1-Month	12.11%	11.50%	60.52
3-Month	12.43%	12.00%	42.62
6-Month	12.65%	12.40%	25.11
12-Month	12.89%	12.50%	39.01

Competitive bids accepted

Tenor	Face Value (Rs bn)	Cut-off Yield	Weighted Avg Yield
1-Month	473.07	12.11%	12.02%
3-Month	783.54	12.43%	12.19%
6-Month	169.51	12.65%	12.54%
12-Month	242.73	12.89%	12.79%
Total	1,668.84

An additional Rs244.40bn was accepted through non-competitive bids. The 3-Month tenor led this category at Rs95.54bn, followed by Rs67.90bn in the 1-Month, Rs62.90bn in the 6-Month, and Rs18.07bn in the 12-Month tenor.

Non-competitive bids

Tenor	Face Value (Rs bn)	Price
1-Month	67.9	99.0864
3-Month	95.54	97.2714
6-Month	62.9	94.1144
12-Month	18.07	88.6872
Total	244.4

Of the accepted non-competitive bids, Provincial Government bids accounted for Rs80.00bn, split between Rs30.00bn each in the 3-Month and 6-Month tenors, and Rs20.00bn in the 1-Month tenor. No Provincial Government bids were recorded in the 12-Month tenor.

Provincial government bids (within NCBs)

Tenor	Face Value (Rs bn)
1-Month	20
3-Month	30
6-Month	30
12-Month	-
Total	80

The grand total raised through the MTB auction, inclusive of competitive and non-competitive bids, stood at Rs1,913.25bn in face value terms, led by the 3-Month tenor at Rs879.08bn.

Total acceptance (face value)

Tenor	Face Value Accepted (Rs bn)
1-Month	540.97
3-Month	879.08
6-Month	232.4
12-Month	260.8
Total	1,913.25

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