By Qudsia Bano
Pakistan’s government has pulled in a massive sum — more than Rs2 trillion — through the latest Pakistan treasury bill auction of Market Treasury Bills (MTBs) and another Rs205 billion from Pakistan Investment Bonds (PIBs). The data, shared by the State Bank of Pakistan (SBP), paints a clear picture of strong investor confidence in government securities.
SBP Conducts Successful Treasury Bill Auction
In a major move, the SBP held an auction on October 29, 2025, offering Treasury Bills with maturities of one, three, six, and twelve months. The settlement was scheduled for October 30. Investors responded enthusiastically, submitting bids worth Rs2.13 trillion. Out of that total, the government accepted Rs2.03 trillion.
One-Month Bills Lead Investor Demand
At the front of the pack was the one-month Treasury Bill, drawing the most investor attention. It reached a realised value of Rs855.84 billion against a face value of Rs863.15 billion. Next came the twelve-month papers worth Rs637.87 billion, followed by the three-month bills at Rs285.63 billion, and six-month papers at Rs252.62 billion.
Stable Yields Reflect Market Confidence
Interest rates showed stability across the board. The cut-off yields were set at 11.0003 percent for one-month bills, 11.0489 percent for three-month, 11.0488 percent for six-month, and 11.3498 percent for twelve-month papers.
Weighted average yields ranged between 10.93 percent and 11.28 percent, showing steady short-term trends.
Non-Competitive Bids Strengthen Auction Results
Including non-competitive bids worth Rs245.50 billion, the total accepted amount reached Rs1.05 trillion. The twelve-month tenor remained the favorite among investors, contributing Rs570.37 billion of the accepted total.
Pakistan Investment Bonds See Strong Participation
The same day, the government also carried out a semi-annual auction for ten-year Pakistan Investment Bonds – Floating Rate (PFL). This sale drew Rs1.01 trillion in bids, with prices ranging from 95.0287 to 92.1560. Out of this, Rs205.88 billion was accepted at a cut-off price of 95.0012.
From competitive bids, the government realised Rs190.02 billion, while non-competitive bids added another Rs5.88 billion. When including accrued interest, the total realised value came to Rs196.65 billion.
Investor Confidence Remains Strong in Domestic Market
These results, this reporter observed, show that investors continue to trust the government’s short- and long-term debt instruments. The steady demand from banks and institutional investors underlines ongoing confidence in Pakistan’s domestic debt market, even in a period of economic pressure and fiscal adjustments.
Author Profile
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Qudsia Bano is a financial correspondent focused on Pakistan's fiscal health.
Her reporting, driven by SBP data, tracks the country's vital foreign exchange reserves. Bano’s work highlights the central bank's success in stabilizing reserves near the $19-20 billion range, underscoring its crucial effort to maintain exchange rate stability.
