T-Bill Auction 11 November 2026 in Pakistan: Rs 400 Billion Target, Rs 100 Billion per Tenor and the Last Cut-Off Yields

The State Bank of Pakistan holds its next Treasury bill auction on Wednesday 11 November 2026, with a target of Rs 400 billion split evenly at Rs 100 billion each across 1, 3, 6 and 12 months. Rs 435 billion of T-bills mature that week. Bids are taken from 10:00 to 12:00 and the result comes the same day. Settlement is on Thursday 12 November.

The last auction, on 28 October, cleared at 12.11% for 1 month and 12.89% for 12 months. Below are the targets, the maturity date of each bill, the last two results, and how an individual can bid.

The 11 November auction targets Rs 400 billion

The State Bank's auction target calendar for October to December 2026 sets Rs 400 billion for the auction of 11 November. That is less than the Rs 435 billion falling due, so if the government borrows exactly the target it pays back about Rs 35 billion net. Provincial governments hold Rs 200 billion of the maturing bills.

Primary dealers place the bids, and the State Bank's calendar says bids can be rejected without giving a reason. The government, not the State Bank, decides the cut-off yields and how much to accept.

Each tenor has a Rs 100 billion target and a fixed maturity date

For the 12 November settlement, every tenor carries the same Rs 100 billion target. This is a smaller and more even split than on 28 October, when the 3, 6 and 12 month bills had targets of Rs 450 billion to Rs 500 billion each.

The maturity dates come from the same State Bank calendar. A bill bought in this auction pays its full face value on the date shown. There is no profit paid in between, because a T-bill is sold at a discount.

The last T-bill auction cleared at 12.11% to 12.89%

On 28 October 2026, two days after the State Bank raised its policy rate to 12%, cut-off yields were 12.11% for 1 month, 12.43% for 3 months, 12.65% for 6 months and 12.89% for 12 months. Each was 0.25 to 0.61 point higher than on 14 October.

The full 28 October result, with bids and amounts, is in the 28 October T-bill result. Market rates since then have been steady. KIBOR on 4 November was 12.44% for 3 months and 13.04% for 1 year, close to the last cut-offs, as shown in KIBOR on 4 November.

We are not forecasting the 11 November yields. A small target and a stable money market usually mean the result lands near the last one, but the government can accept more or less than the target, and it can reject bids.

What a 12.89% yield means for Rs 1 lakh

On 28 October, the non-competitive price for the 12 month bill was 88.6872 per 100. So Rs 88,687 bought Rs 100,000 of 12 month bills, which pay Rs 100,000 after a year. The difference, Rs 11,313, is your profit before tax.

For the 3 month bill, the price was 97.2714, so Rs 97,271 bought Rs 100,000 repaid in 3 months. That is Rs 2,729 of profit. These examples use the last auction's prices and are our arithmetic. The 11 November prices will be slightly different.

How an individual can bid in the 11 November auction

You cannot bid with the State Bank directly. You bid through a bank as a non-competitive bidder, which means you accept whatever yield the auction sets. The two routes are a bank's Investor Portfolio Securities (IPS) account or the State Bank's InvestPak portal.

1. Open an IPS account at your bank, or register on InvestPak with your CNIC and bank account.
2. Choose the tenor: 1, 3, 6 or 12 months.
3. Ask your bank for its cut-off time. Banks close their own window before the 12:00 auction close.
4. Fund the account with the amount you want to invest.
5. Place a non-competitive bid before your bank's cut-off on 11 November.
6. Check the result the same day, and the bills in your account after settlement on 12 November.

InvestPak sign up and its common errors are covered in InvestPak registration. The bank route is in buying T-bills and PIBs.

The rest of the State Bank's T-bill calendar to December

After 11 November, three more T-bill auctions are planned this year. The calendar sets Rs 600 billion on 25 November, Rs 600 billion on 9 December and Rs 800 billion on 23 December. Over October to December the plan totals Rs 5,300 billion against Rs 5,649 billion maturing.

The State Bank revised this calendar on 27 October and raised the 28 October target. The calendar can change again, so check it before each auction.

Common questions

When is the next T-bill auction in Pakistan?

Wednesday 11 November 2026, with settlement on Thursday 12 November, on the State Bank's calendar.

What is the target for the 11 November 2026 T-bill auction?

Rs 400 billion in total, Rs 100 billion each for 1, 3, 6 and 12 month bills.

What were the last T-bill cut-off yields?

On 28 October 2026: 12.11% for 1 month, 12.43% for 3 months, 12.65% for 6 months and 12.89% for 12 months.

When does a 12 month T-bill from this auction mature?

On 11 November 2027, the State Bank's calendar shows.

Can I buy T-bills with a small amount?

Yes, through a bank IPS account or InvestPak. Banks set their own minimum amount and fees, so ask yours before you bid.

Is the 11 November auction affected by the Iqbal Day holiday?

No. The holiday is on Monday 9 November. The auction is two days later, on Wednesday.

How we verified this

What we checked, where we read it, and what we could not confirm.

Last checked 5 November 2026. We read the State Bank of Pakistan's MTB auction target calendar for October to December 2026, last updated 27 October, its 28 October auction result, and the State Bank home page, which lists 11 November as the next MTB auction. The 14 October yields come from the State Bank result recorded on our earlier page. Net repayment and Rs 1 lakh examples are our arithmetic. We did not place a bid, and bank cut-off times and fees were not checked.