The State Bank of Pakistan has officially released its auction calendar for the final quarter of the current fiscal year, revealing a strategic plan to raise 6.15 trillion rupees between April and June 2026. This massive borrowing target will be met through the systematic auction of various government securities, including Market Treasury Bills and Pakistan Investment Bonds. The central bank strategy focuses on maintaining domestic liquidity and managing the federal government short and long term financing requirements. By outlining this schedule, the State Bank provides the financial sector with a clear roadmap for capital deployment over the coming three months.
A detailed breakdown of the borrowing requirements shows that a significant portion of the capital will be sourced through short term instruments. The government intends to raise 4.45 trillion rupees specifically through the auction of Market Treasury Bills. To achieve this, the central bank has scheduled seven distinct auctions. The month of April will be particularly active with three auctions aimed at raising a combined 3.3 trillion rupees. The first session on April 1 carried a target of 750 billion rupees, followed by a second on April 15 for 1.35 trillion rupees, and a final April session on the 29th for 1.2 trillion rupees. This front loaded approach ensures that the government meets its immediate liquidity needs as the new quarter begins.
Following the busy activity in April, the momentum for Treasury Bills will shift into May and June with smaller, more targeted auctions. In May 2026, the central bank has planned two sessions, aiming for 400 billion rupees on May 13 and another 200 billion rupees on May 20. The final phase of the quarter in June will see two more auctions on the 10th and 23rd, with targets of 350 billion rupees and 200 billion rupees respectively. This structured tapering of short term borrowing suggests a calibrated approach to managing the national debt profile while responding to the fluctuating demands of the public exchequer.
In addition to short term bills, the government is looking to secure longer term funding by raising 1.70 trillion rupees through Pakistan Investment Bonds. This total includes 1.35 trillion rupees in fixed rate bonds and 350 billion rupees in floating rate instruments. For the fixed rate segment, the State Bank will conduct three primary auctions, with each session carrying a target of 450 billion rupees. These are scheduled for April 28, May 18, and June 17. The diverse maturity periods for these bonds range from 2 years up to 15 years, offering various coupon rates such as 10.25 percent for 3 year papers and 11.00 percent for the 10 year category, while the 2 year and 15 year options are listed as zero coupon.
For investors seeking flexible returns, the central bank has also integrated seven auctions for semiannual floating rate bonds into the calendar. These sessions are synchronized with the Treasury Bill auctions on dates including April 1, April 15, and spanning through to June 23, with each carrying a consistent target of 50 billion rupees. Furthermore, the 10 year Pakistan Investment Bond issued earlier in January 2026 continues to be a benchmark for the market with its established coupon rate of 10.4639 percent. This comprehensive auction framework demonstrates the central bank commitment to a transparent and well regulated domestic debt market, ensuring that the government can fulfill its fiscal obligations while providing stable investment avenues for the banking sector and institutional players.
Follow the PakBanker Whatsapp Channel for updates across Pakistan’s banking ecosystem.