SBP targets to raise around Rs5tr: Auction Calendar Sep 26-Nov 26

MG News | September 15, 2026 at 11:24 AM GMT+05:00

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September 15, 2026 (MLN): The government is targeting to raise Rs5 trillion during the three months from September 2026 till November 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 Rs3.85tr during this period through MTBs, and Rs1.15tr through PIBs Fixed Rate.

Category	Target Amount (Rs Bn)
MTBs	3,850
PIBs (Fixed Rate)	1,150
Total	5,000

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

In September, three auctions are scheduled: the first on September 02 with a target of Rs800bn, the second on September 16 with a target of Rs150bn, and the third on September 30 with a target of Rs700bn.

Moving forward, two auctions for MTBs are scheduled within October 2026, the first on October 14 with a target of Rs700bn, and the second on October 28 with a target of Rs900bn.

Additionally, two auctions are scheduled for November 2026, the first on November 11 with a target of Rs400bn, and the last on November 25 with a target of Rs200bn.

Against these MTB auctions, a total of Rs4.79tr worth of bills are set to mature during the period, of which Rs1.35tr belongs to provincial governments, who are also expected to invest Rs275bn through these auctions.

Auction Date	Settlement Date	Maturing Amount (Total)	Of Which Provincial Governments	Target (Rounded Off)
2-Sep-26	3-Sep-26	1,364	270	800
16-Sep-26	17-Sep-26	341	100	150
30-Sep-26	1-Oct-26	743	375	700
14-Oct-26	15-Oct-26	559	200	700
28-Oct-26	29-Oct-26	961	-	900
11-Nov-26	12-Nov-26	435	200	400
25-Nov-26	26-Nov-26	388	200	200
Total		4,791	1,345	3,850
(all amounts Rs in billions)

The MTBs to be sold under this calendar carry tenors of 01-month, 03-month, 06-month and 12-month, with the maturity dates given below:

Settlement Date	01-Month	03-Month	06-Month	12-Month
3-Sep-26	1-Oct-26	26-Nov-26	4-Mar-27	2-Sep-27
17-Sep-26	15-Oct-26	10-Dec-26	18-Mar-27	16-Sep-27
1-Oct-26	29-Oct-26	24-Dec-26	1-Apr-27	30-Sep-27
15-Oct-26	12-Nov-26	7-Jan-27	15-Apr-27	14-Oct-27
29-Oct-26	26-Nov-26	21-Jan-27	29-Apr-27	28-Oct-27
12-Nov-26	10-Dec-26	4-Feb-27	13-May-27	11-Nov-27
26-Nov-26	24-Dec-26	18-Feb-27	27-May-27	25-Nov-27

Of the overall MTB target, Rs675bn is to be raised through 01-month bills, Rs1.025tr through 03-month bills, Rs1tr through 06-month bills, and Rs1.15tr through 12-month bills.

Settlement Date	01-Month	03-Month	06-Month	12-Month	Total
3-Sep-26	100	200	200	300	800
17-Sep-26	25	25	50	50	150
1-Oct-26	100	200	200	200	700
15-Oct-26	100	200	200	200	700
29-Oct-26	200	250	200	250	900
12-Nov-26	100	100	100	100	400
26-Nov-26	50	50	50	50	200
Total	675	1,025	1,000	1,150	3,850

Moreover, SBP aims to raise Rs1.15tr through the sale of Fixed Rate PIBs during the quarter, with no floating rate PIB auctions scheduled for this period.

For the fixed-rate bonds, SBP will conduct three auctions this quarter, with targets of Rs250bn on September 18, Rs450bn on October 07, and Rs450bn on November 04.

The PIB auction target calendar breakup is given below:

Security Details	02-Year	03-Year	05-Year	10-Year	15-Year
Issue Date	5-Aug-26	19-May-26	19-May-26	19-May-26	5-Aug-26
Coupon Rate	Zero	12.00%	12.25%	12.50%	Zero

The tenor-wise breakup of the PIB target shows Rs50bn per tenor across all five tenors in September, rising to Rs100bn per tenor (except the 15-Year, which stays at Rs50bn) in both October and November.

Auction Date	02-Year	03-Year	05-Year	10-Year	15-Year	Total
18-Sep-26	50	50	50	50	50	250
7-Oct-26	100	100	100	100	50	450
4-Nov-26	100	100	100	100	50	450
Total						1,150

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