SBP raises over Rs977bn in T-Bills, PIB auctions

October 01, 2025 (MLN): The State Bank of Pakistan (SBP) on Wednesday raised Rs977.19 billion through its treasury bills and Pakistan Investment Bonds auctions, indicating sustained government borrowing from the domestic market to meet fiscal requirements.

Market Treasury Bills (MTB) Auction

The central bank conducted auctions for Market Treasury Bills across four tenors, receiving total bids worth Rs1.49 trillion in face value.

Of this, the SBP accepted Rs730.44bn, including non-competitive bids.

The weighted average yields for the accepted bids ranged from 10.82% for six-month bills to 11.13% for twelve-month tenor, indicating the current interest rate environment in the money market.

While cut-off yields ranged from 11.05% to 11.19%, indicating the current interest rate environment in the money market.

MTB Auction Results Summary

The twelve-month tenor attracted the highest acceptance at Rs243.35bn, followed by one-month bills at Rs318.42bn.

PIB Floating Rate Auction

In a separate auction, the SBP offered 10-year Pakistan Investment Bonds with a floating rate structure. The auction received bids totaling Rs394 billion, against which the central bank accepted Rs246.75 billion in face value.

PIB-FRB Auction Details

The cut-off price was set at 94.5465, with bids ranging from 95.15 to 93.73. The total realized amount, including accrued interest of Rs6.07 billion, stood at Rs237.13 billion.

The combined auction results showcased the government's continued reliance on domestic borrowing instruments.

The acceptance of Rs977.19 billion across both auctions will help meet the government's short to medium-term financing needs while providing investment avenues for banks and institutional investors.

The settlement date for both auctions is October 2, 2025.

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