SBP targets to raise around Rs5tr: Auction Calendar Nov 25–Jan 26

November 10, 2025 (MLN): The government is targeting to raise Rs5.3 trillion during the three months from November 2025 to January 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 Rs3.6tr during this period through MTBs, Rs1.2tr through PIBs Fixed Rate, and Rs500bn through PIBs Floating Rate.

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

In November, two auctions are scheduled: the first one to be held on November 12, with a target of Rs550bn, and the second is set for November 26, with a target of Rs650bn.

Moreover, two auctions are also scheduled for December, one on December 10, with a target of Rs800bn, and the second on December 24, with the target of Rs400bn.

Moving forward, two auctions for MTBs are scheduled to be held within January 2026, the first one being on January 07, with a target of Rs600bn, while the second auction is scheduled for January 21, with a target of Rs600bn.

Additionally, SBP aims to raise Rs1.7tr through the sale of PIBs, which includes Rs1.2tr through the sale of PIBs Fixed Rate, and Rs500bn through PIBs semiannual floaters.

For the fixed-rate bonds, SBP will conduct three auctions this quarter, with targets of Rs400bn each on November 5, December 17 and next year’s January 14.

 The PIB auction target calendar breakup is given below:

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

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