SBP targets to raise around Rs5tr: Auction Calendar Jan 26–Mar 26

January 03, 2026 (MLN):  The government is targeting to raise Rs4.9 trillion during the three months from January 2026 to March 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 Rs3.25tr during this period through MTBs, Rs1.35tr through PIBs Fixed Rate, and Rs300bn through PIBs Floating Rate.

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

In January, two auctions are scheduled: the first one to be held on January 07, with a target of Rs850bn, while the second auction is scheduled for January 21, with a target of Rs700bn.

Moreover, two auctions are also scheduled for February, one on February 04, with a target of Rs550bn, and the second on February 18, with the target of Rs400bn.

Moving forward, two auctions for MTBs are scheduled to be held within March 2026, the first one being on March 04, with a target of Rs350bn, while the second auction is scheduled for March 16, with a target of Rs400bn.

Additionally, SBP aims to raise Rs1.65tr through the sale of PIBs, which includes Rs1.35tr through the sale of PIBs Fixed Rate, and Rs300bn through PIBs semiannual floaters.

For the fixed-rate bonds, SBP will conduct three auctions this quarter, with targets of Rs450bn each on January 14, February 06, and March 11.

 The PIB auction target calendar breakup is given below:

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

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