SBP targets to raise over Rs5tr: Auction Calendar Jul–Sep

July 08, 2025 (MLN): The government is targeting to raise Rs5.575 trillion during the three months from July to September 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 Rs3.175tr during this period through MTBs, Rs1,000 billion through PIBs Fixed Rate, and Rs1,400bn through PIBs Floating Rate.

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

In July, two auctions are scheduled: the first one to be held on July 10, with a target of Rs1,350bn, and the second is set for July 24, with a target of Rs200bn.

Moreover, two auctions are also scheduled for August, one on August 7 with a target of Rs350bn, and the second on August 21 with the equivalent target of Rs450bn.

Moving forward, two auctions for MTBs are scheduled to be held within September, the first one being on September 4 with a target of Rs600bn, while the last auction for the review quarter is scheduled for September 18 with a target of Rs225bn.

Additionally, SBP aims to raise Rs2.4tr through the sale of PIBs, which includes Rs1,000bn through the sale of PIBs Fixed Rate, and Rs1,400bn through PIBs semiannual floaters.

For the fixed-rate bonds, SBP will conduct three auctions this quarter, with targets of Rs300bn each in July 9 and July 25, and Rs400bn in the final auction on August 28.

Lately, the State Bank of Pakistan (SBP) has revised the coupon rates for Fixed-Rate Pakistan Investment Bonds (PIBs) effective July 16, 2025. The revised coupon rates are as follows:

 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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