SBP raises Rs768bn through MTB Auction

July 22, 2026 (MLN): The State Bank of Pakistan (SBP) raised Rs768.40bn 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 Rs2.097tr 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 22, 2026, with a settlement date of July 23, 2026.

Total face value bids received stood highest in the 1-Month tenor at Rs990.49bn, followed by Rs540.10bn in the 3-Month, Rs337.94bn in the 12-Month, and Rs229.26bn in the 6-Month tenor.

Face Value Bids Received

Of the total, competitive bids worth Rs376.08bn were accepted across the four tenors.

The 12-Month tenor led with Rs162.43bn accepted at a cut-off yield of 11.9938%, followed by the 3-Month at Rs100.39bn at 11.5154%, the 6-Month at Rs98.26bn at 11.7951%, and the 1-Month at Rs15.00bn at 11.3504%.

Cut-off yields rose across three tenors compared with the previous MTB auction held on July 8, with settlement on July 9, 2026, while the 1-Month tenor eased marginally.

The 1-Month yield fell 4.64bps to 11.3504% from 11.3968%, the 3-Month rose 11.76bps to 11.5154% from 11.3978%, the 6-Month climbed 35.76bps to 11.7951% from 11.4375%, and the 12-Month increased 50.58bps to 11.9938% from 11.4880%.

Cut-Off Yield Comparison

Competitive Bids Accepted

An additional Rs392.32bn was accepted through non-competitive bids. The 3-Month tenor led this category at Rs233.44bn, followed by Rs112.42bn in the 6-Month, Rs29.61bn in the 1-Month, and Rs16.84bn in the 12-Month tenor.

Non-Competitive Bids

Of the accepted non-competitive bids, Provincial Government bids accounted for Rs300.00bn, led by Rs200.00bn in the 3-Month tenor, followed by Rs100.00bn in the 6-Month tenor. No Provincial Government bids were recorded in the 1-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 Rs768.40bn in face value terms, led by the 3-Month tenor at Rs333.84bn.

Total Acceptance (Face Value)

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