Qudsia Bano

The Government of Pakistan raised more than Rs2 trillion through the auction of Market Treasury Bills (MTBs) and an additional Rs205 billion from the sale of Pakistan Investment Bonds (PIBs), according to the latest data released by the State Bank of Pakistan (SBP).

The central bank conducted the auction for 1-month, 3-month, 6-month, and 12-month Treasury Bills on October 29, 2025, with settlement scheduled for October 30. The auction attracted total bids of Rs2.13 trillion, out of which Rs2.03 trillion were accepted.

The 1-month tenor saw the highest participation, with a realised value of Rs855.84 billion against a face value of Rs863.15 billion. It was followed by 12-month bills worth Rs637.87 billion, 3-month bills at Rs285.63 billion, and 6-month papers at Rs252.62 billion.

The cut-off yields stood at 11.0003 percent for 1-month, 11.0489 percent for 3-month, 11.0488 percent for 6-month, and 11.3498 percent for 12-month papers. The weighted average yields ranged between 10.93 percent and 11.28 percent, reflecting stable short-term rates.

Including non-competitive bids worth Rs245.50 billion, total acceptance in the auction reached Rs1.05 trillion. The 12-month tenor continued to dominate investor interest, accounting for Rs570.37 billion of the accepted amount.

Meanwhile, the semi-annual auction for 10-year Pakistan Investment Bonds – Floating Rate (PFL), also held on October 29, 2025, attracted bids totalling Rs1.01 trillion within a price range of 95.0287 to 92.1560. Out of these, the government accepted Rs205.88 billion at a cut-off price of 95.0012.

The realised amount from competitive bids stood at Rs190.02 billion, while non-competitive bids contributed Rs5.88 billion, bringing the total realised amount, including accrued interest, to Rs196.65 billion.

The results reflect continued investor appetite for government securities across both short and long-term maturities, demonstrating steady participation from primary dealers and institutional investors in Pakistan’s domestic debt market.

Credit: INP-WealthPk