SBP targets to raise Rs6.85tr: Auction Calendar February - April

February 03, 2025 (MLN): The government is targeting to raise Rs6.82 trillion during the three months from February to April 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 Rs2.9tr during this period through MTBs and the remaining Rs3.92tr through PIBs.

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

In February, two auctions are scheduled: the first one to be held on February 4, with a target of Rs450bn and the second is set for February 19, with a target of Rs350bn.

Moreover, two auctions are also scheduled for March, one on March 5 with a target of Rs600bn, and the second on March 19 with a target of Rs500bn.

Moving forward, two auctions for MTBs are scheduled to be held within April, the first one being on April 02 with a target of Rs400bn, while the last auction for the review quarter is scheduled for April 16 with the equivalent target.

Additionally, SBP aims to raise Rs3.92tr through the sale of PIBs, which includes Rs1,050bn through the sale of PIBs Fixed Rate, and Rs2.87tr 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 6 auctions. The 2-year, 5-year, and 10-year PIBs, all carrying a coupon rate of 11.8901%, will be offered to investors.

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