The State Bank of Pakistan (SBP) repurchased Pakistan Investment Bonds, Floating Rate (PFL), worth Rs585.358 billion in face value terms through a buy-back auction conducted on September 11, 2026. The auction covered six different floating-rate securities and had a settlement date of September 11. The central bank received total bids amounting to Rs1.305 trillion in face value terms, reflecting substantial participation from market participants in the latest government securities buy-back exercise.
According to the auction results, the SBP accepted a combined Rs585.358 billion through competitive bids across all six securities included in the transaction. The total bids received were significantly higher than the amount ultimately accepted by the central bank. Security PK05L1910280 attracted the highest volume of bids at Rs336.090 billion, followed by PK05L0604280 with Rs266.895 billion and PK05L2706299 with Rs234.229 billion in face value bids.
The remaining three securities also received considerable interest from investors. PK05L1804293 received bids worth Rs230.405 billion, while PK05L1008283 attracted Rs120.500 billion. PK05L2109288 recorded bids amounting to Rs117.567 billion. Although the six securities collectively received more than Rs1.3 trillion in bids, the SBP selected Rs585.358 billion through the competitive bidding process.
PK05L0604280 recorded the largest amount accepted by the central bank, with Rs184.395 billion in face value terms. PK05L2706299 followed with an acceptance of Rs140.691 billion, while Rs115.705 billion was accepted for PK05L1804293. The SBP also accepted Rs81.567 billion of PK05L2109288 and Rs60.500 billion of PK05L1008283.
The lowest acceptance was recorded for PK05L1910280, despite the security receiving the largest amount of bids during the auction. The SBP accepted only Rs2.500 billion in face value terms for the security. This resulted in a wide difference between the amount offered by market participants and the amount selected by the central bank for the particular instrument.
No non-competitive bids were received for any of the six floating-rate Pakistan Investment Bonds. Consequently, the entire accepted amount of Rs585.358 billion came through competitive bids. The absence of non-competitive bids meant there was no additional amount to be added to the competitive acceptance, leaving the final face value of the buy-back at Rs585.358 billion.
The latest operation forms part of the SBP’s activities involving government securities and the domestic debt market. Pakistan Investment Bonds are government securities issued in different structures, including floating-rate instruments, and are held by financial institutions and other market participants. A buy-back auction allows the government securities market to facilitate the repurchase of outstanding instruments through a structured bidding process.
The September 11 auction also showed varying levels of investor interest across the six securities. While PK05L1910280 received the largest volume of bids, the highest amount accepted was for PK05L0604280. The results therefore demonstrate that the volume of bids received for an individual security did not necessarily determine the amount ultimately selected by the SBP.
Overall, the SBP bought back Rs585.358 billion in face value of floating-rate Pakistan Investment Bonds against total bids of Rs1,305.686 billion. The transaction involved six securities, with PK05L0604280 accounting for the largest share of accepted bids and PK05L1910280 receiving the smallest acceptance. No non-competitive bids were submitted during the auction, keeping the total accepted amount unchanged at Rs585.358 billion.
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