SBP targets to raise over Rs6tr: Auction Calendar Aug–Oct

August 5, 2025 (MLN): The government is targeting to raise Rs6.175 trillion during the three months from August to October 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 Rs3.675tr during this period through MTBs, Rs1,100 billion through PIBs Fixed Rate, and Rs1,400bn through PIBs Floating Rate.

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

In August, two auctions are scheduled: the first one to be held on August 6, with a target of Rs400bn, and the second is set for August 20, with a target of Rs450bn.

Moreover, two auctions are also scheduled for September, one on September 3, with a target of Rs700bn, and the second on September 17, with the target of Rs225bn.

Moving forward, three auctions for MTBs are scheduled to be held within October, the first one being on October 1, with a target of Rs700bn, while the second auction for the review quarter is scheduled for October 15, with a target of Rs600bn and the last auction is scheduled for October 29, with a target of Rs600bn.

Additionally, SBP aims to raise Rs2.5tr through the sale of PIBs, which includes Rs1,100bn 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 on August 1, and Rs400bn in the final two auction on September 4 and October 14.

Lately, the State Bank of Pakistan (SBP) has revised the coupon rates for Fixed-Rate Pakistan Investment Bonds (PIBs) effective July 10, 2025. The revised coupon rates are as follows:

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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