Qudsia Bano

The State Bank of Pakistan (SBP) on Tuesday announced the results of the latest auctions for Government of Pakistan Market Treasury Bills (MTBs) and Pakistan Investment Bonds – Floating Rate (PIB-FR).

For the MTB auction held on September 17, 2025, with settlement scheduled for September 18, bids were invited for 1-month, 3-month, 6-month, and 12-month maturities. The total realized value of bids stood at Rs1,024.3 billion against a face value of Rs1,071.2 billion. Out of this amount, competitive bids worth Rs141.4 billion were accepted.

The cut-off yields were recorded at 10.7445 percent for 1-month bills, 10.8502 percent for 3-month bills, 10.8376 percent for 6-month bills, and 10.9999 percent for 12-month bills, with weighted average yields remaining slightly lower across tenors.

In addition to competitive bids, non-competitive bids worth Rs53.4 billion were also accepted, taking the total accepted amount in the auction to Rs194.9 billion against a face value of Rs206.7 billion. The highest participation was witnessed in the 3-month tenor, where realized acceptance reached Rs111.1 billion.

The auction for 10-year Pakistan Investment Bonds – Floating Rate (semi-annual) was also conducted on September 17, 2025, with settlement on September 18. The auction attracted bids with a total face value of Rs502 billion, within a price range of 95.6136 to 92.3923. However, all competitive as well as non-competitive bids were rejected, resulting in no acceptance for the PIB-FR issuance.

The results highlight the government’s continued reliance on short-term borrowing instruments through Treasury Bills, while longer-tenor issuances such as PIB-FR remained unaccepted in the current auction cycle.

Credit: INP-WealthPk