January 03, 2026 (MLN): The government is aiming to raise a total of Rs4.9 trillion during the three-month period from January 2026 to March 2026 through the auction of Market Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs), as outlined in the latest auction calendars released by the State Bank of Pakistan (SBP). This borrowing plan reflects the government’s strategy to meet its financing requirements while managing liquidity conditions in the domestic debt market.
According to the breakup of the target, Rs3.25 trillion is planned to be raised through MTBs, making them the largest component of the overall borrowing plan. In addition, the government intends to raise Rs1.35 trillion through fixed-rate PIBs, while Rs300 billion will be mobilized through floating-rate PIBs. Combined, these instruments will contribute to the total borrowing target of Rs4.9 trillion during the quarter.
To achieve the MTB target, SBP has scheduled six auctions over the next three months. In January, two auctions are planned. The first auction will be held on January 07, with a target amount of Rs850 billion, followed by a second auction on January 21, targeting Rs700 billion. These January auctions are expected to play a key role in setting the tone for short-term government borrowing during the quarter.
In February, SBP also scheduled two MTB auctions. The first will take place on February 04, with a target of Rs550 billion, while the second auction is planned for February 18, carrying a target of Rs400 billion. Moving into March 2026, two additional MTB auctions are scheduled. The first will be held on March 04, targeting Rs350 billion, and the second on March 16, with a target of Rs400 billion.
Alongside MTBs, the government plans to raise Rs1.65 trillion through PIBs during the same period. This includes Rs1.35 trillion through fixed-rate PIBs and Rs300 billion through semiannual floating-rate PIBs. For fixed-rate PIBs, SBP will conduct three auctions in the quarter, each with a target of Rs450 billion. These auctions are scheduled for January 14, February 06, and March 11, 2026.
The fixed-rate PIBs will be offered across multiple tenors. The two-year and fifteen-year bonds will be issued with zero coupon rates, while the three-year bond will carry a coupon rate of 10.25 percent, the five-year bond 10.50 percent, and the ten-year bond 11.00 percent. All these fixed-rate PIBs are scheduled to be issued on January 15, 2026, providing investors with a range of maturity options.
For floating-rate instruments, SBP has planned six auctions of semiannual PIBs during the quarter. The 10-year floating-rate PIB, scheduled to be issued on January 08, 2026, will carry a coupon rate of 10.4639 percent. These floating-rate bonds are expected to attract investors seeking protection against interest rate fluctuations.
Overall, the government’s borrowing plan for January to March 2026 highlights a balanced mix of short-term and long-term instruments, aimed at meeting fiscal financing needs while maintaining stability in the domestic debt market. The structured auction calendar is expected to provide clarity to market participants and support effective liquidity management during the quarter.
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