Government raises Rs1.92 trillion through T-bill auction as yields reach 11.488%

KARACHI: The government raised Rs1.920 trillion in realised proceeds through an auction of one-month, three-month, six-month and 12-month Market Treasury Bills, according to results released by the State Bank of Pakistan.

The accepted securities carried a combined face value of Rs2.068 trillion. The auction was conducted through primary dealers on July 8, 2026, with settlement scheduled for July 9.

Investors submitted bids with a realised value of Rs4.041 trillion and a face value of Rs4.285 trillion across the four tenors. The largest volume of bids was received for 12-month bills, totalling Rs1.388 trillion in realised value, followed by three-month bills at Rs1.096 trillion.

The government accepted competitive bids worth Rs968.18 billion in realised terms and Rs1.063 trillion in face value.

Of this, Rs762.15 billion was accepted in the 12-month tenor, Rs128.02 billion in six-month bills, Rs43.31 billion in three-month bills and Rs34.70 billion in one-month securities.

The cut-off yield for one-month bills was set at 11.3968%, while the three-month yield stood at 11.3978%. The six-month and 12-month cut-off yields were fixed at 11.4375% and 11.4880%, respectively.

Weighted average yields stood at 11.3917% for one-month bills, 11.3716% for three-month securities, 11.3904% for six-month bills and 11.3731% for the 12-month tenor.

In addition to competitive bids, the government accepted non-competitive bids with a realised value of Rs951.88 billion and a face value of Rs1.005 trillion.

The largest non-competitive acceptance was in three-month bills at Rs343.12 billion, followed by six-month securities at Rs331.23 billion. The government also accepted Rs214.70 billion in 12-month bills and Rs62.83 billion in the one-month tenor.

Provincial government bids accounted for Rs705.69 billion of the accepted non-competitive amount, with a face value of Rs740 billion.

These included Rs292.35 billion in three-month bills, Rs283.88 billion in six-month securities, Rs89.81 billion in 12-month bills and Rs39.65 billion in one-month bills.

Combining competitive and non-competitive bids, the government raised Rs97.53 billion through one-month bills, Rs386.43 billion from three-month securities and Rs459.25 billion through the six-month tenor.

The 12-month bills generated the largest realised amount at Rs976.85 billion, with an accepted face value of Rs1.088 trillion.