SBP raises over Rs1tr through PIB, T-Bill auctions

December 24, 2025 (MLN): The State Bank of Pakistan (SBP) on Wednesday raised Rs1.02 trillion through the auction of Pakistan Investment Bonds (PIBs) and Market Treasury Bills (MTBs).

According to auction results, the government mobilised Rs114.48 billion through a 10-year Floating Rate PIB (Semi-Annual Coupon), with settlement scheduled for December 26, 2025.

Total bids worth Rs669 billion were received for the PIB auction, against which the government accepted Rs114.48 billion.

The cut-off price was set at 96.3992, which was also applicable to non-competitive bids.

Separately, SBP raised Rs911.22 billion (face value) through the auction of Market Treasury Bills, taking the combined borrowings from both auctions to Rs1.02 trillion.

Breakdown of the MTB auction showed acceptances across all tenors, with the largest share coming from the 12-month T-bill, followed by 3-month and 1-month papers.

The 1-month T-bill cut-off yield fell by 36 basis points to 10.4859%, compared with 10.8492% in the previous auction.

The 3-month yield declined by 50 bps to 10.4878%, from 10.9881% earlier, while the 6-month yield dropped by 52 bps to 10.4799%, versus 10.9999% previously.

Further, the 12-month T-bill witnessed the steepest fall, with the cut-off yield easing by 78 bps to 10.4880%, compared with 11.2681% in the preceding auction.

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