SBP to conduct Rs200bn PFL buyback auction

MG News | November 10, 2025 at 10:53 AM GMT+05:00

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November 10, 2025 (MLN): The State Bank of Pakistan's Domestic Markets & Monetary Management Department has shared a buyback auction for Pakistan Investment Bond Floating Rate (PFL) securities worth Rs200 billion.

Auction Schedule

Non-Competitive Auction Date	Competitive Auction Date	Settlement Date
11-Nov-25	12-Nov-25	13-Nov-25

Securities Eligible for Buyback

No	Security	Issue Date	Maturity Date	Targets (in Billion)
1	PFL-Semi Annual	21-Sep-23	21-Sep-28	50
2	PFL-Semi Annual	19-Oct-23	19-Oct-28	100
3	PFL-Semi Annual	18-Apr-19	18-Apr-29	50
4	PFL-Semi Annual	18-Apr-24	18-Apr-29	50

Total Target: Rs200 Billion

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 floating-rate PIBs issued between 2019 and 2024, with maturities ranging from 2028 to 2029.

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