Government raises Rs392.83 billion through PIB auction at yields of up to 12.85%

Pakistan’s November 4 Pakistan Investment Bonds auction drew bids with a face value of Rs1.30 trillion, while the government accepted Rs392.83 billion. The State Bank of Pakistan reported that accepted amounts included Rs366.47 billion from competitive offers, Rs19.11 billion from non-competitive offers and Rs7.25 billion via short selling. Settlement was scheduled for November 5, 2026.

Three-year securities led accepted volumes at Rs165.33 billion, followed by five-year bonds at Rs159.93 billion. The government also took Rs56.06 billion in 10-year instruments and Rs11.51 billion in two-year bonds; all offers for 15-year securities were turned down. Cut-off yields ranged from 12.638% on three-year bonds to 12.85% on 10-year securities, while the two-year rate was 12.79%. The auction results provide a snapshot of government borrowing demand and yields relevant to Pakistan’s fixed-income market.