SBP targets to raise Rs5.75tr: Auction Calendar April – June

April 08, 2025 (MLN): The government is targeting to raise Rs5.75 trillion during the three months from April – June 2025, through the auction of Market Treasury Bills (MTBs), Pakistan Investment Bonds (PIBs) Fixed Rate, and PIBs Floating Rate.

The breakup of the target reveals that the government is targeting to borrow Rs3.65tr during this period through MTBs and the remaining Rs2.1tr through PIBs.

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

In April, two auctions are scheduled: the first one to be held on April 16, with a target of Rs850bn, and the second is set for April 30, with a target of Rs400bn.

Moreover, two auctions are also scheduled for May, one on May 14 with a target of Rs450bn, and the second on May 27 with a target of Rs550bn.

Moving forward, two auctions for MTBs are scheduled to be held within June, the first one being on June 11 with a target of Rs700bn, while the last auction for the review quarter is scheduled for June 25 with the equivalent target.

Additionally, SBP aims to raise Rs2.1tr through the sale of PIBs, which includes Rs950bn through the sale of PIBs Fixed Rate, and Rs1.15tr through PIBs semiannual floaters.

For the fixed-rate bonds, SBP will conduct three auctions this quarter, with a target of Rs350bn each.

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

Previously, the coupon rates issued on September 20, 2024, were higher, with the 03-Year, 05-Year, and 10-Year bonds carrying rates of 14.00%, 14.00%, and 13.00%, respectively.

For the semiannual bonds, the central bank has planned six auctions to raise Rs 1.15 trillion. The 2-year, 5-year and 10-year PIBs with the issue date of April 17 carry a coupon rate of 11.9230%.

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