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  "path": "/t-bill-auction-results-mar",
  "publishedAt": "2026-03-16T17:45:06.000Z",
  "site": "https://nukta.com",
  "textContent": "\n\n\n\nPakistan's central bank raised PKR 1.04 trillion through the auction of treasury bills or T-bills on Monday.\n\nAccording to the State Bank of Pakistan (SBP), the borrowing was PKR 745.7 billion more than the targeted amount of PKR 300 billion, marking a significant oversubscription.\n\nThe yields for all four tenors — one-month, three-month, six-month and 12-month — rose sharply across the board, with the most dramatic increases seen in the shorter-dated bills.\n\nThe yields for one-month T-bills climbed by 98 bps from 10.50% to 11.48%, three-month by 100 bps from 10.50% to 11.50%, six-month by 76 bps from 10.74% to 11.50% and 12-month by 51 bps from 10.99% to 11.50%.\n\nRising yields indicate increased borrowing costs for the government, as investors demand higher returns to lend money. This typically occurs when there are concerns about inflation, fiscal deficits, or tighter monetary conditions. Conversely, when yields fall, it signals improved investor confidence and lower inflation expectations, allowing the government to borrow at cheaper rates.\n\nThe largest amount, PKR 529.7 billion, was raised via the three-month tenor T-bills, followed by PKR 467.7 billion via the one-month T-bill. The government raised PKR 26.2 billion and PKR 22.1 billion via the six-month and 12-month T-bills, respectively.\n\nTotal participation in the auction reached PKR 1,045.7 billion, with competitive bids of PKR 629.0 billion and non-competitive bids of PKR 416.8 billion.\n\n### Auction calendar\n\nThe SBP plans to raise PKR 3.35 trillion through seven auctions between February and April. During this period, maturing debt amounts to PKR 3.84 trillion, of which PKR 1.02 trillion represents provincial government investments.\n\nThe tenor-wise breakdown for the February-April period shows the government plans to raise PKR 700 billion via 1-month bills, PKR 850 billion via 3-month bills, PKR 800 billion via 6-month bills, and PKR 1 trillion via 12-month bills.\n\n### What are T-bills and PIBs?\n\nThe Pakistan government raises money from local and foreign investors through debt instruments. T-bills are one of those government-backed instruments. Other such instruments are Pakistan Investment Bonds (PIBs), National Savings instruments, Eurobonds, International Sukuk, etc.\n\nT-bills are short-term, highly liquid government securities issued in 3, 6, and 12-month tenors. The State Bank of Pakistan auctions T-bills every fortnight (on Wednesdays).\n\nPIBs are debt securities issued by the State Bank of Pakistan. These bonds are issued in denominations of multiples of PKR 100,000 and available in tenors of 3, 5, 10, and 20 years. The yield on these bonds is fixed and disbursed semi-annually.",
  "title": "Pakistan borrows PKR 1.04 trillion through T-bills' auction"
}