SBP to buyback Rs1tr in MTB, PFL securities

MG News | March 25, 2026 at 03:21 PM GMT+05:00

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March 25, 2026 (MLN): The State Bank of Pakistan's Domestic Markets & Monetary Management Department has shared a buyback auction for Market Treasury Bill (MTB) and Pakistan Investment Bond Floating Rate (PFL) securities worth Rs1.08 trillion.

Auction Schedule

Instrument	Non-Competitive Auction Date	Competitive Auction Date	Settlement Date	Targets (in Billion)
PFL	26-Mar-26	26-Mar-26	27-Mar-26	300
PFL	17-Apr-26	20-Apr-26	21-Apr-26	300
MTB	19-May-26	20-May-26	21-May-26	479

Securities Eligible for Buyback

No	Security	Issue Date	Maturity Date
1	PFL-Semi Annual	6-May-21	6-May-26
2	MTB	27-Nov-25	29-May-26
3	MTB	29-May-25	29-May-26

Total Target: Rs1.08tr

A buyback auction is a mechanism where the State Bank of Pakistan repurchases government securities before their maturity date.

This operation serves several purposes: liquidity management provides immediate liquidity to investors holding these bonds, debt management allows the government to manage its debt portfolio more efficiently, and market operations help in maintaining stability in the secondary debt market.

Bids will be invited through the PRISM+ platform, the SBP's electronic trading system. The auction follows a two-stage process: non-competitive bids first, followed by competitive bidding.

The State Bank reserves the right to reject bids without providing any reason. This buyback operation targets both floating-rate PIBs and Market Treasury Bills issued between 2021 and 2025, with maturities falling in May 2026.

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