Karachi: The State Bank of Pakistan (SBP) has released its auction calendar for March to May 2026, setting a cumulative borrowing target of Rs6.525 trillion through Market Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs). The move highlights significant refinancing requirements and the government’s continued reliance on domestic debt markets.
According to the SBP’s Domestic Markets and Monetary Management Department, the central bank plans to mobilize Rs5 trillion via short-term MTBs and Rs1.525 trillion through longer-tenor PIBs over the three-month period.
Rs5 Trillion Target Through MTBs
Total MTB maturities during March–May 2026 stand at Rs4.259 trillion, including Rs1.204 trillion held by provincial governments. Against this maturity profile, the SBP has set a higher gross target of Rs5 trillion, indicating a net borrowing cushion.
The MTB breakdown includes:
• Rs1.1 trillion in one-month bills
• Rs1.4 trillion in three-month papers
• Rs950 billion in six-month bills
• Rs1.55 trillion in 12-month instruments
The largest single MTB auction of Rs1 trillion is scheduled for April 30, 2026.
Rs1.525 Trillion Through PIBs
For longer-term financing, the SBP has announced a Rs1.35 trillion target for fixed-rate PIBs across two-, three-, five-, 10- and 15-year tenors. Scheduled auctions include:
• Rs400 billion on March 26
• Rs450 billion on April 20
• Rs500 billion on May 5
Additionally, Rs175 billion will be raised through 10-year PIBs (issue date January 8, 2026; coupon rate 10.4639%) via seven separate auctions of Rs25 billion each between March 4 and May 20.
With total PIB borrowing set at Rs1.525 trillion, the calendar reflects the government’s strategy to manage liquidity, refinance maturing debt, and maintain stability in the domestic bond market during the final quarter of FY2025-26.