SBP targets to raise Rs5.75tr through T-bills, PIBs in Oct-Dec 2026

October 12, 2026 (MLN): The government is targeting to raise Rs5.75 trillion during the three months from October 2026 till December 2026 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 Rs4.7tr during this period through MTBs, and Rs1.05tr through PIBs Fixed Rate.

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

The first auction is scheduled on September 30 with a target of Rs700bn, with settlement on October 01.

Moving forward, two auctions for MTBs are scheduled within October 2026, the first on October 14 with a target of Rs550bn, and the second on October 28 with a target of Rs1.05tr.

Additionally, two auctions are scheduled for November 2026, the first on November 11 with a target of Rs400bn, and the second on November 25 with a target of Rs600bn.

In December, two auctions are scheduled, the first on December 09 with a target of Rs600bn, and the last on December 23 with a target of Rs800bn.

Against these MTB auctions, a total of Rs5.65tr worth of bills are set to mature during the period, of which Rs1.46tr 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, Rs1tr is to be raised through 01-month bills, Rs1.3tr through 03-month bills, Rs1.2tr through 06-month bills, and Rs1.2tr through 12-month bills.

Moreover, SBP aims to raise Rs1.05tr 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 a target of Rs350bn each on October 07, November 04, and December 16.

The PIB auction target calendar breakup is given below:

The tenor-wise breakup of the PIB target shows an identical split across all three auctions, with Rs75bn each for the 02-Year and 03-Year, Rs100bn for the 05-Year, and Rs50bn each for the 10-Year and 15-Year.

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