The Government of Pakistan is targeting to raise Rs5.40 trillion through auctions of Market Treasury Bills and Fixed Rate Pakistan Investment Bonds between August and October 2026, according to auction calendars released by the State Bank of Pakistan. The borrowing target for the three-month period comprises Rs4.10 trillion through Market Treasury Bills and Rs1.30 trillion through Fixed Rate Pakistan Investment Bonds. The planned borrowing programme reflects the government’s scheduled issuance of domestic securities during the period, with the State Bank of Pakistan set to conduct multiple auctions to meet the overall target. No floating rate Pakistan Investment Bond auction has been scheduled during the three-month period.
The government plans to raise Rs4.10 trillion through seven Market Treasury Bill auctions during the period. Two auctions are scheduled in August, with the first carrying a target of Rs400 billion on August 5 and the second targeting Rs500 billion on August 19. The September schedule includes three Market Treasury Bill auctions. The first auction is scheduled for September 2 with a target of Rs800 billion, followed by an auction on September 16 targeting Rs400 billion and another on September 30 with a target of Rs600 billion. The October schedule contains two further auctions, with the first planned for October 14 carrying a target of Rs600 billion and the final auction scheduled for October 28 with a target of Rs800 billion.
Alongside the Treasury Bill programme, the State Bank of Pakistan plans to raise Rs1.30 trillion through Fixed Rate Pakistan Investment Bonds during the same period. Three Fixed Rate Pakistan Investment Bond auctions are scheduled in the quarter, with a target of Rs400 billion for the August 4 auction, Rs450 billion for the September 18 auction and another Rs450 billion for the October 7 auction. The combined target of these three auctions amounts to Rs1.30 trillion. According to the auction calendar, the government has not scheduled any floating rate Pakistan Investment Bond auctions between August and October 2026, making Fixed Rate Pakistan Investment Bonds the only Pakistan Investment Bond category included in the borrowing programme for the period.
The Pakistan Investment Bond auction calendar covers securities with different maturities, including two-year, three-year, five-year, ten-year and 15-year instruments. The two-year and 15-year Pakistan Investment Bonds listed in the schedule carry zero coupon rates, while the three-year bond carries a coupon rate of 12%, the five-year bond has a coupon rate of 12.25% and the ten-year bond carries a coupon rate of 12.50%. The securities listed in the calendar include issue dates of August 5, 2026, and May 19, 2026, depending on the maturity category. The range of maturities allows the government to structure borrowing across different periods while the fixed-rate securities provide defined coupon terms for investors participating in the auctions.
Overall, the State Bank of Pakistan’s auction calendars indicate a combined government borrowing target of Rs5.40 trillion for August through October 2026. Market Treasury Bills account for Rs4.10 trillion, representing the larger portion of the planned borrowing, while Fixed Rate Pakistan Investment Bonds account for Rs1.30 trillion. The seven Treasury Bill auctions and three Fixed Rate Pakistan Investment Bond auctions are scheduled across the three months to meet the stated target. The programme includes Rs900 billion of targeted Treasury Bill borrowing in August, Rs1.80 trillion in September and Rs1.40 trillion in October, while the Pakistan Investment Bond programme includes Rs400 billion in August, Rs450 billion in September and Rs450 billion in October. The scheduled auctions provide the government with a defined domestic borrowing programme through October 2026, based on the securities and targets outlined by the State Bank of Pakistan.
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