SBP raises Rs880bn through MTB auction

The State Bank of Pakistan, according to Mettis Global, raised Rs880.06bn in face value terms through its Market Treasury Bill auction held on September 30, 2026. Bids worth Rs2,726.41bn came in across four tenors, with the one-month tenor drawing the largest share at Rs1,483.35bn. Settlement is set for October 1, 2026.

Competitive bids totalling Rs400.26bn were accepted, led by the three-month tenor at Rs143.86bn with a cut-off yield of 11.9944%. The one-month tenor cleared at 11.6794%, the six-month at 12.4500% and the twelve-month at 12.4945%. Non-competitive bids added Rs479.80bn, of which Rs380.00bn came from provincial governments.

Cut-off yields rose in three tenors compared with the previous auction on September 16, when one-month bids were rejected, so no comparison exists for that tenor. The three-month figure climbed 60.95bps, to 11.9944%, while the six-month tenor gained 75.0bps, reaching 12.4500%. The twelve-month tenor increased 49.45bps to 12.4945%, and the three-month tenor also led the grand total with Rs479.58bn accepted.