SBP raises Rs587bn through MTB auction

November 11, 2026 (MLN): The State Bank of Pakistan raised Rs586.71bn 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 Rs2,192.55bn 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 November 11, 2026, with a settlement date of November 12, 2026.

Total face value bids received stood highest in the 3-Month tenor at Rs666.31bn, followed by Rs676.00bn in the 12-Month, Rs494.75bn in the 1-Month, and Rs355.50bn in the 6-Month tenor.

Face value bids received

Of the total, competitive bids worth Rs232.46bn were accepted across the four tenors.

The 12-Month tenor led with Rs201.50bn accepted at a cut-off yield of 12.4100%, followed by the 3-Month at Rs19.46bn at 11.9999%, the 6-Month at Rs11.00bn at 12.1900%, and the 1-Month at Rs0.50bn at 11.8838%.

Cut-off yields eased across all four tenors compared with the previous MTB auction held on October 28, with settlement on October 29, 2026.

The 1-Month yield eased 22.17bps to 11.8838% from 12.1055%, the 3-Month declined 42.62bps to 11.9999% from 12.4261%, the 6-Month fell 46.00bps to 12.1900% from 12.6500%, and the 12-Month eased 48.00bps to 12.4100% from 12.8900%.

Cut-off yield comparison

Competitive bids accepted

An additional Rs354.25bn was accepted through non-competitive bids. The 3-Month tenor led this category at Rs281.32bn, followed by Rs29.99bn in the 12-Month, Rs27.28bn in the 6-Month, and Rs15.65bn in the 1-Month tenor.

Non-competitive bids

Of the accepted non-competitive bids, Provincial Government bids accounted for Rs0.23bn, entirely within the 3-Month tenor. No Provincial Government bids were recorded in the 1-Month, 6-Month, or 12-Month tenors.

Provincial government bids (within NCBs)

The grand total raised through the MTB auction, inclusive of competitive and non-competitive bids, stood at Rs586.71bn in face value terms, led by the 3-Month tenor at Rs300.78bn.

Total acceptance (face value)

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