SBP targets to raise around Rs5tr: Auction Calendar Nov 25–Jan 26
MG News | November 10, 2025 at 10:31 AM GMT+05:00
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.
|
Category |
Target Amount (Rs Bn) |
|
MTBs |
3,600 |
|
PIBs (Fixed Rate) |
1,200 |
|
PIBs (Floating Rate) |
500 |
|
Total |
5,300 |
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:
|
Security Details |
02-Year |
03-Year |
05-Year |
10-Year |
15-Year |
|
Issue Date |
17-Jul-25 |
17-Jul-25 |
17-Jul-25 |
17-Jul-25 |
19-Jun-25 |
|
Coupon Rate |
Zero |
10.50% |
11.00% |
11.50% |
Zero |
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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