SBP targets to raise around Rs5tr: Auction Calendar Sep–Nov

September 02, 2025 (MLN): The government is targeting to raise Rs4.825 trillion during the three months from September to November 2025 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 Rs2.875tr during this period through MTBs, Rs1,200 billion through PIBs Fixed Rate, and Rs750bn through PIBs Floating Rate.

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

In September, two auctions are scheduled: the first one to be held on September 3, with a target of Rs400bn, and the second is set for September 17, with a target of Rs175bn.

Moreover, three auctions are also scheduled for October, one on October 1, with a target of Rs700bn, and the second on October 15, with the target of Rs500bn and the last auction is scheduled on October 29, with a target of 700bn.

Moving forward, two auctions for MTBs are scheduled to be held within November, the first one being on November 12, with a target of Rs200bn, while the second auction for the review quarter is scheduled for November 26, with a target of Rs200bn.

Additionally, SBP aims to raise Rs1.95tr through the sale of PIBs, which includes Rs1,200bn through the sale of PIBs Fixed Rate, and Rs750bn through PIBs semiannual floaters.

For the fixed-rate bonds, SBP will conduct three auctions this quarter, with targets of Rs400bn each on September 5, October 14 and November 5.

 The PIB auction target calender breakup is given below:

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

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