SBP targets to raise Rs6.5tr: Auction Calendar Oct–Dec

October 01, 2025 (MLN): The government is targeting to raise Rs6.5 trillion during the three months from October to December 2025 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 Rs4.35tr during this period through MTBs, Rs1.25tr through PIBs Fixed Rate, and Rs900bn through PIBs Floating Rate.

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

In October, three auctions are scheduled: the first one to be held on October 1, with a target of Rs750bn, the second is set for October 15, with another target of Rs750bn and third is to take place on October 29, with a target of 800bn.

Moving forward, two auctions for MTBs are scheduled to be held within November, the first one being on November 12, with a target of Rs350bn, while the second auction for the review quarter is scheduled for November 26, with a target of Rs500bn.

Moreover, two more auctions for MTBs are to be held in December, the first one being on December 10, with a target of Rs800bn and a second one on December 24, with a target of Rs400bn.

Additionally, SBP aims to raise Rs2.15tr through the sale of PIBs, which includes Rs1,250bn through the sale of PIBs Fixed Rate, and Rs900bn through PIBs semiannual floaters.

For the fixed-rate bonds, SBP will conduct three auctions this quarter, with targets of Rs450bn on, October 14 and Rs400bn each on November 5 and December 17.

 The PIB auction target calender breakup is given below:

For Semiannual bonds, the central bank has planned seven auctions. The 10-year PIB, issued on July 10, 2025, carries a coupon rate of 10.8974%.

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