Pakistan central bank to raise PKR 4.82 trillion through debt auctions

The State Bank of Pakistan (SBP) on Monday released its auction calendar for Market Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs) for September to November 2025, targeting PKR 4.82 trillion to meet fiscal financing needs and refinance maturing debt.

According to the Domestic Markets & Monetary Management Department, the central bank aims to generate PKR 2.87 trillion through seven MTB auctions scheduled between September 3 and November 26. The auctions will refinance PKR 4.01 trillion in maturing short-term debt.

The MTB targets show a tilt toward 12-month bills, which account for PKR 900 billion. Six-month and three-month tenors are expected to raise PKR 750 billion each, while one-month bills will contribute PKR 475 billion.

In parallel, the SBP will conduct three fixed-rate PIB auctions on September 5, October 14, and November 5, with a goal of raising PKR 1.2 trillion. These bonds will be offered in 2-year to 15-year maturities, carrying coupon rates ranging from zero to 11.5 percent.

Additionally, seven floating-rate PIB auctions are planned between September 3 and November 26, targeting PKR 750 billion. All floating-rate bonds will carry a 10-year tenor with a semi-annual coupon rate of 10.9 percent. Auction sizes will range from PKR 50 billion to PKR 150 billion.