Financial Markets

 Auctions of Government Securities

a- Role of SBP in public debt management

- SBP serves as an agent of Government of Pakistan for managing domestic public debt. SBP is responsible for conducting auctions of marketable government securities (MTBs, PIBs and GIS) and managing certain public debt data. SBP also regulates Primary Dealers of government securities.

- SBP aims to improve liquidity in the debt market of government securities by improving price discovery and diversifying investor base, and to channelize savings of the end investors directly to debt instruments by bringing more efficiency in banks’ intermediation process.

b- What are public debt markets and why are they important?

- Public debt markets are markets for raising funds for the government from local and foreign investors through debt instruments. In Pakistan, these include MTBs, PIBs, GIS, National savings instruments, Eurobonds, International Sukuk, etc.

- An efficient market of government securities allows better price discovery, enhances investors’ interest and reduces cost of borrowing for the government.

c- Marketable Government Securities

- MTBs: MTBs, also commonly known as ‘T-bills’, are short-term, highly liquid government securities issued in 3, 6 and 12 months tenors. The auctions of MTBs are conducted fortnightly (on Wednesdays). The auction and settlement dates, target amount and maturity amount are issued through pre-announced auction calendars.

- PIB: PIBs are medium-to-long term government securities issued in 3, 5, 10 and 20 years tenors. The auctions of PIBs are conducted on the basis of pre-announced auction calendars. The calendar provides the details of auction and settlement dates, target amount and maturity amount.

- GIS (FRR & VRR): GIS are Shariah compliant Islamic debt instruments currently issued in 3-year tenors. GIS may be issued on the basis of Variable Rate Rentals or Fixed Rate Rentals.

Details of government securities are available in Investor Guides:


d- Issuance of marketable government securities

- SBP conducts multiple-priced auctions of marketable government securities on behalf of GOP on the basis of a pre-announced auction calendar. The auction calendar is decided by the GOP and circulated by SBP to the market. MTB auctions are conducted on fortnightly basis, while PIB auctions are conducted on need basis. The auctions are conducted on Wednesdays and the settlement takes place at T+1 i.e. the following Thursday.  Primary Dealers (PDs) of government securities are allowed to participate in the auctions of government securities.

- The auction calendar provides auction and settlement dates, maturing amount and auction target amount. The calendar is issued every month for the next three months on rolling basis on SBP website, Bloomberg and Reuters.

- The auction results cut-off yields/ accepted amounts are decided by the GOP and circulated to the market by SBP on the same day on which the auction is conducted.

 List of PDs/PPDs/SPDs for FY 2023-24:

Sr.# Name
 Primary Dealer
1  Bank Al-Falah Limited
2  Habib Bank Limited
3  MCB Bank Limited
4  National Bank of Pakistan
5  Habib Metropolitan Bank Limited
6  JS Bank Limited
7  Pak Oman Investment Company
8  United Bank Limited
9  The Bank of Punjab
10  Citi Bank N.A-Pakistan Operations
 Special Purpose Primary Dealer
1  Central Depository Company of Pakistan
2  National Clearing Company of Pakistan Limited


    SBP Policy Rate
    20.50% p.a.
    SBP Overnight
    Repo (Ceiling) Rate
    21.50% p.a
    SBP Overnight
    Repo (Floor) Rate
    19.50% p.a.
    Weighted-average Overnight Repo Rate
    As on 13-Jun-24
    21.21% p.a.
    As on 14-Jun-24
    Tenor BID OFFER
    3-M 19.94 20.19
    6-M 19.86


    12-M 19.02 19.52

  • MTBs
    Tenor Rates
    3-M 20.1498%
    6-M 19.9693%
    12-M 18.9489%
    (as on Jun 12, 2024)
    Fixed-rate PIB
    Tenor Cut-off Rates
    3-Y 16.6450%
    5-Y 15.4500%
    10-Y 14.2999%
    15-Y No Bid
    20-Y No Bid
    30-Y No Bid
    (as on May 22, 2024)

    Floating-Rate PIBs (Quarterly Coupon)

    Tenor Cut-off Price
    2-Y Bids Rejected
    3-Y Bids Rejected

    Floating-Rate PIBs
    (Half-yearly Coupon)

    Tenor Cut-off Price
    5-Y 96.5875
    10-Y 94.4585
    (as on Jun 12, 2024)
    Tenor Cut-off Rental Rate/Price
    3-Y 100.2842
    5-Y 100.0022
    Tenor Cut-off Margin/Price
    3-Y 99.0800
    5-Y 98.7600
    (as on 21-Dec-2023)
  • PIB Auction
    (Fixed Rate)


    Floating Rate PIB
    (Semi-Annual Coupon)

    Floating-rate PIB
    (Quarterly Coupon)

    As on 07-Jun-24
    SBP’s Reserves
    Bank’s Reserves
    Total Reserves

    As on 14-Jun-24
    Revaluation Rate
    Average Rate
    Bid: 278.3614


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