ISLAMABAD, Oct 29 (Wealth Pakistan) – The Government of Pakistan has raised Rs 2.03 trillion through T-Bills and Rs 205 billion via bonds, reflecting continued investor confidence in domestic debt instruments, according to the latest data released by the State Bank of Pakistan (SBP).
The SBP conducted the auction for 1-month, 3-month, 6-month, and 12-month Market Treasury Bills (MTBs) on October 29, 2025, with settlement due on October 30. The auction received bids worth Rs 2.13 trillion, out of which Rs 2.03 trillion were accepted.
Strong investor interest
The 1-month tenor attracted the highest participation, recording a realized value of Rs 855.84 billion against a face value of Rs 863.15 billion. The 12-month bills followed with Rs 637.87 billion, while the 3-month and 6-month papers fetched Rs 285.63 billion and Rs 252.62 billion, respectively.
The cut-off yields were reported at 11.0003 percent for 1-month, 11.0489 percent for 3-month, 11.0488 percent for 6-month, and 11.3498 percent for 12-month papers. Weighted-average yields ranged between 10.93 percent and 11.28 percent, showing stability across short-term maturities.
Including non-competitive bids worth Rs 245.50 billion, the total acceptance reached Rs 1.05 trillion. The 12-month tenor dominated the auction, accounting for Rs 570.37 billion of the accepted amount.
Sustained demand for long-term debt
Meanwhile, in the semi-annual auction for 10-year Pakistan Investment Bonds – Floating Rate (PFL), the government raised Rs 205.88 billion. The auction, also held on October 29, 2025, attracted bids totaling Rs 1.01 trillion within a price range of 95.0287 to 92.1560.
Out of these, Rs 205.88 billion were accepted at a cut-off price of 95.0012. The realized amount from competitive bids stood at Rs 190.02 billion, while non-competitive bids contributed Rs 5.88 billion. Including accrued interest, the total realized amount reached Rs 196.65 billion.
Market outlook
The results indicate strong participation from primary dealers and institutional investors in both short- and long-term maturities. Experts say this trend highlights a stable outlook for the domestic debt market and investor trust in government securities.
Economists also believe that the robust response shows confidence in the SBP’s current monetary policy stance, aimed at maintaining price stability and ensuring smooth financing for fiscal needs.