SBP raises over Rs2tr through MTBs auction

MG News | July 08, 2026 at 09:43 PM GMT+05:00

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July 08, 2026 (MLN): The State Bank of Pakistan (SBP) raised Rs2.068tr 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 Rs4.285tr 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 July 8, 2026, with a settlement date of July 9, 2026.

Total face value bids received stood highest in the 12-Month tenor at Rs1,547.55bn, followed by Rs1,125.68bn in the 3-Month, Rs884.80bn in the 6-Month, and Rs726.90bn in the 1-Month tenor.

Face Value Bids Received

Tenor	Face Value (Rs bn)
1-Month	726.90
3-Month	1,125.68
6-Month	884.80
12-Month	1,547.55
Total	4,284.92

Of the total, competitive bids worth Rs1,063.33bn were accepted across the four tenors.

The 12-Month tenor led with Rs848.60bn accepted at a cut-off yield of 11.4880%, followed by the 6-Month at Rs135.29bn at 11.4375%, the 3-Month at Rs44.44bn at 11.3978%, and the 1-Month at Rs35bn at 11.3968%.

Cut-off yields eased across all tenors compared with the previous MTB auction held on June 23, with settlement on June 24, 2026.

The 1-Month yield fell 40.3bps to 11.3968% from 11.7997%, the 3-Month declined 35.2bps to 11.3978% from 11.7499%, the 6-Month dropped 31.0bps to 11.4375% from 11.7479%, and the 12-Month eased 35.0bps to 11.4880% from 11.8381%.

Cut-Off Yield Comparison

Tenor	08-Jul-26	23-Jun-26	Change (bps)
1-Month	11.3968%	11.7997%	(40.3)
3-Month	11.3978%	11.7499%	(35.2)
6-Month	11.4375%	11.7479%	(31.0)
12-Month	11.4880%	11.8381%	(35.0)

Competitive Bids Accepted

Tenor	Face Value (Rs bn)	Cut-off Yield	Weighted Avg Yield
1-Month	35	11.3968%	11.3917%
3-Month	44.44	11.3978%	11.3716%
6-Month	135.29	11.4375%	11.3904%
12-Month	848.60	11.4880%	11.3731%
Total	1,063.33

An additional Rs1,004.57bn was accepted through non-competitive bids. The 3-Month tenor led this category at Rs352.10bn, followed by Rs350.04bn in the 6-Month, Rs239.05bn in the 12-Month, and Rs63.38bn in the 1-Month tenor.

Non-Competitive Bids

Tenor	Face Value (Rs bn)	Price
1-Month	63.38	99.1337
3-Month	352.10	97.4497
6-Month	350.04	94.6256
12-Month	239.05	89.8134
Total	1,004.57

Of the accepted non-competitive bids, Provincial Government bids accounted for Rs740bn, led by Rs300bn each in the 3-Month and 6-Month tenors, Rs100bn in the 12-Month, and Rs40bn in the 1-Month tenor.

Provincial Government Bids (within NCBs)

Tenor	Face Value (Rs bn)
1-Month	40
3-Month	300
6-Month	300
12-Month	100
Total	740

The grand total raised through the MTB auction, inclusive of competitive and non-competitive bids, stood at Rs2,067.90bn in face value terms, led by the 12-Month tenor at Rs1,087.64bn.

Total Acceptance (Face Value)

Tenor	Face Value Accepted (Rs bn)
1-Month	98.38
3-Month	396.55
6-Month	485.33
12-Month	1,087.64
Total	2,067.90

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