The State Bank of Pakistan (SBP) has unveiled its domestic debt auction calendar for the period from December 2025 to February 2026. The central bank plans to raise a total of Rs5.45 trillion through the sale of government securities in the local market.
This substantial borrowing plan aims to meet the government’s financing needs while providing investment opportunities for local banks and financial institutions.
The bulk of the fundraising, Rs3.85 trillion, will come from six auctions of Market Treasury Bills (MTBs). These short-term instruments have maturities of three, six, and twelve months.
Notably, Rs3.884 trillion worth of existing T-Bills will mature during this period. This results in a planned net retirement of approximately Rs34 billion from the T-Bill segment. The largest single auction, targeting Rs1 trillion, is scheduled for December 10, 2025.
Read: IMF Executive Board Approves $1.29 Billion Loan Tranche for Pakistan
The government will also raise longer-term debt through Pakistan Investment Bonds (PIBs). The plan includes two types of PIB auctions:
- Fixed-Rate PIBs: Three auctions will aim to raise Rs1.2 trillion.
- Floating-Rate PIBs: Six auctions of semi-annual, 10-year floating-rate PIBs will target Rs400 billion.
This combination of fixed and floating-rate bonds helps the government manage interest rate risk and cater to different investor preferences in the debt market.
This auction calendar is a critical tool for fiscal and monetary policy coordination. It ensures predictable government borrowing, which helps stabilise the domestic debt market and liquidity conditions.
The schedule allows investors to plan their participation, supporting the development of a deep and liquid secondary market for government securities in Pakistan.
