SBP targets to raise around Rs5.1tr: Auction Calendar Feb 26-April 26

February 02, 2026 (MLN):  The government is targeting to raise Rs5.1 trillion during the three months from February 2026 – April 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 Rs3.35tr during this period through MTBs, Rs1.35tr through PIBs Fixed Rate, and Rs400bn through PIBs Floating Rate.

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

In February, two auctions are scheduled: the first one to be held on February 04, with a target of Rs650bn, while the second auction is scheduled for February 18, with a target of Rs450bn.

Moreover, two auctions are also scheduled for March 2026, one on March 04, with a target of Rs350bn, and the second on March 16, with the target of Rs300bn.

Moving forward, three auctions for MTBs are scheduled to be held within April 2026, the first one being on April 01, with a target of Rs400bn, while the second auction is scheduled for April 15, with a target of Rs800bn, and the last one on April 29, with a target of Rs400bn.

Additionally, SBP aims to raise Rs1.75tr through the sale of PIBs, which includes Rs1.35tr through the sale of PIBs Fixed Rate, and Rs400bn through PIBs semiannual floaters.

For the fixed-rate bonds, SBP will conduct three auctions this quarter, with targets of Rs450bn each on , February 6, March 11 and April 8.

 The PIB auction target calendar breakup is given below:

For the semiannual bonds, the central bank has planned seven auctions. The 10-year PIB, issued on January 08, 2026, carries a coupon rate of 10.4639%.

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