SBP rejects all bids in fixed-rate PIB auction

April 28, 2026 (MLN):  The State Bank of Pakistan (SBP) received but rejected all bids across all tenors in its auction of fixed-rate Pakistan Investment Bonds (PIBs), with a settlement date of April 29, 2026, raising no funds from the market.

The auction covered 2-Year (zero-coupon), 3-Year, 5-Year, 10-Year, and 15-Year (zero-coupon) PIBs.

Total face value bids received across all tenors amounted to Rs906.434bn ,with a total realized amount of Rs499.355bn and accrued interest of Rs13.133bn, bringing the total realized amount inclusive of accrued interest to Rs512.488bn.

The 15-Year tenor attracted the highest participation with Rs425.5bn, followed by Rs212.171bn in the 5-Year, Rs162.259bn in the 10-Year, Rs54.5bn in the 3-Year, and Rs52.004bn in the 2-Year.

Despite the significant volume of bids received, the SBP rejected all competitive bids across every tenor.

No non-competitive bids were accepted either, with the 15-Year tenor recording no non-competitive bids received at all.

As a result, total acceptance stood at zero, and the government raised no funds through this auction.

Bids Received — Fixed Rate PIBs

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