February 4, 2026
Govt plans Rs5.1 trillion bank borrowing via T-bills, PIBs in three months
SBP auction calendar shows tilt toward short-term rollover, limited long-dated issuance; Rs3.35 trillion to be raised through T-bills auctions, Rs1.75 trillion via PIBs across 2–15 year tenors
February 4, 2026
The government plans to borrow Rs5.1 trillion from commercial banks between February and April 2026 through Treasury bills and Pakistan Investment Bonds, according to the latest auction calendar issued by the State Bank of Pakistan.
Of the total, Rs3.35 trillion is targeted through Market Treasury Bills with maturities of one, three, six, and 12 months, while Rs1.75 trillion is planned through fixed- and floating-rate Pakistan Investment Bonds across two-, three-, five-, 10- and 15-year tenors.
Market analysts say that the February–April calendar broadly aligns with the earlier January–March outlook, but shows a shift toward near-full rollover, particularly in T-bills, as auction targets move closer to maturities.
They said that the preference for six- and 12-month bills points to funding flexibility amid expectations of monetary easing, while avoiding longer duration at elevated real rates. On PIBs, issuance remains spread across two- to 10-year tenors, with limited 15-year supply and selective use of floating-rate bonds.
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