SBP targets to raise around Rs6.53tr: Auction Calendar March 26-May 26

March 04, 2026 (MLN): The government is targeting to raise Rs6.525 trillion during the three months from March 2026 – May 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 Rs5tr during this period through MTBs, Rs1.35tr through PIBs Fixed Rate, and Rs175bn through PIBs Floating Rate.

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

In March, two auctions are scheduled: the first one to be held on March 04, with a target of Rs550bn, while the second auction is scheduled for March 16, with a target of Rs700bn.

Moreover, three auctions are also scheduled for April 2026 the first on April 01 with a target of Rs400bn, the second on April 15 with a target of Rs750bn, and the third on April 29 with a target of Rs1tr.

Moving forward, two auctions for MTBs are scheduled to be held within May 2026  the first on May 13 with a target of Rs900bn, and the last one on May 20 with a target of Rs700bn.

Additionally, SBP aims to raise Rs1.525tr through the sale of PIBs, which includes Rs1.35tr through the sale of PIBs Fixed Rate, and Rs175bn through PIBs semiannual floaters.

For the fixed-rate bonds, SBP will conduct three auctions this quarter, with targets of Rs400bn on March 26, Rs450bn on April 20, and Rs500bn on May 05.

The PIB auction target calendar breakup is given below:

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

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