SBP targets Rs7tr through T-bills, PIBs in Nov-Jan

November 13, 2026 (MLN): The government is targeting to raise Rs7.25 trillion during the three months from November 2026 till January 2027 through the auction of Market Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs), according to the auction calendars released by the State Bank of Pakistan (SBP).

The breakup of the target reveals that the government is targeting to borrow Rs6tr during this period through MTBs, and Rs1.25tr through PIBs Fixed Rate.

SBP plans to conduct six auctions of MTBs in the next three months to meet this target.

Two auctions are scheduled in November 2026, the first on November 11 with a target of Rs400bn, and the second on November 25 with a target of Rs1tr.

Moving forward, two auctions for MTBs are scheduled within December 2026, the first on December 09 with a target of Rs750bn, and the second on December 23 with a target of Rs850bn.

Additionally, two auctions are scheduled for January 2027, the first on January 06 with a target of Rs1.5tr, and the last on January 20 with a target of Rs1.5tr.

Against these MTB auctions, a total of Rs6.59tr worth of bills are set to mature during the period, of which Rs1.45tr belongs to provincial governments, who are also expected to invest Rs300bn through these auctions.

(all amounts Rs in billions)

The MTBs to be sold under this calendar carry tenors of 01-month, 03-month, 06-month and 12-month, with the maturity dates given below:

Of the overall MTB target, Rs1.25tr is to be raised through 01-month bills, Rs1.35tr through 03-month bills, Rs1.5tr through 06-month bills, and Rs1.9tr through 12-month bills.

Moreover, SBP aims to raise Rs1.25tr through the sale of Fixed Rate PIBs during the quarter, with no floating rate PIB auctions scheduled for this period.

For the fixed-rate bonds, SBP will conduct three auctions this quarter, with targets of Rs350bn on November 04, Rs450bn on December 16, and Rs450bn on January 15.

The PIB auction target calendar breakup is given below:

The tenor-wise breakup of the PIB target shows Rs75bn each for the 02-Year and 03-Year, Rs100bn for the 05-Year, and Rs50bn each for the 10-Year and 15-Year in November, with no 07-Year target. In December and January, the target is Rs100bn each for the 03-Year, 05-Year, 07-Year and 10-Year, and Rs50bn for the 15-Year, with no 02-Year target.

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