SBP raises Rs768bn through MTB Auction

MG News | July 22, 2026 at 10:00 PM GMT+05:00

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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

Tenor	Face Value (Rs bn)
1-Month	990.49
3-Month	540.1
6-Month	229.26
12-Month	337.94
Total	2,097.79

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

Tenor	22-Jul-26	8-Jul-26	Change (bps)
1-Month	11.35%	11.40%	-4.64
3-Month	11.52%	11.40%	11.76
6-Month	11.80%	11.44%	35.76
12-Month	11.99%	11.49%	50.58

Competitive Bids Accepted

Tenor	Face Value (Rs bn)	Cut-off Yield	Weighted Avg Yield
1-Month	15	11.35%	11.29%
3-Month	100.39	11.52%	11.42%
6-Month	98.26	11.80%	11.54%
12-Month	162.43	11.99%	11.89%
Total	376.08

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

Tenor	Face Value (Rs bn)	Price
1-Month	29.61	99.1412
3-Month	233.44	97.4386
6-Month	112.42	94.5598
12-Month	16.84	89.3959
Total	392.32

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)

Tenor	Face Value (Rs bn)
1-Month	-
3-Month	200
6-Month	100
12-Month	-
Total	300

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)

Tenor	Face Value Accepted (Rs bn)
1-Month	44.61
3-Month	333.84
6-Month	210.68
12-Month	179.27
Total	768.4

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