SBP T-Bill Auction Result, 14 October 2026: Cut-Off Yields 11.50% to 12.50%
SBP took Rs 685.53 billion in T-bills on 14 October 2026, at cut-off yields from 11.50% for 1 month to 12.50% for 12 months. See the price of Rs 1 million.
Short answer: The State Bank of Pakistan (SBP) accepted Rs 417.61 billion of competitive T-bill bids on 14 October 2026, at cut-off yields of 11.50 per cent for one month, 12.00 per cent for three months, 12.40 per cent for six months and 12.50 per cent for twelve months. Including non-competitive bids, it took in Rs 685.53 billion face value.
A treasury bill, or T-bill, is a short loan to the government that pays no coupon. You buy it below face value and get the full face value back on the maturity date. We opened SBP's auction result on 15 October 2026. It is dated for an auction on 14 October with settlement on 15 October.
SBP accepted Rs 685.53 billion in face value against a Rs 550 billion target
SBP's result shows Rs 685.53 billion of face value accepted in all, which raised Rs 660.06 billion in cash. That is Rs 135.53 billion above the Rs 550 billion target in SBP's auction calendar. SBP's page does not say whether the target counts non-competitive bids.
Competitive bids, which name a yield, were accepted for Rs 417.61 billion of face value. Non-competitive bids, which take whatever yield the auction sets, added Rs 267.92 billion. Of those, provincial governments took Rs 200 billion in the three-month bill, the same amount the calendar listed as expected provincial investment.
Cut-off yields run from 11.50 per cent to 12.50 per cent
The cut-off yield is the highest yield SBP accepted in each tenor. Every bidder at or below it was accepted. The weighted average yield, which is what the average accepted bidder gets, is a little lower in every tenor.
| Tenor | Cut-off yield | Weighted average yield |
|---|---|---|
| One month | 11.5003% | 11.4307% |
| Three months | 11.9999% | 11.8888% |
| Six months | 12.3989% | 12.3810% |
| Twelve months | 12.4999% | 12.4500% |
The one-month cut-off is almost exactly the SBP policy rate of 11.50 per cent, which SBP's monetary policy page shows. The next Monetary Policy Committee meeting is on 26 October 2026, per SBP's calendar. We explain the date in the next SBP rate meeting report.
The twelve-month bill drew only Rs 19.53 billion against a Rs 150 billion target
Accepted amounts differ sharply by tenor. The one-month, three-month and six-month bills were taken above their targets. The twelve-month bill fell far short, with Rs 10.50 billion accepted in competitive bids and Rs 9.03 billion in non-competitive bids.
| Tenor | Target (Rs billion) | Accepted face value (Rs billion) |
|---|---|---|
| One month | 50 | 113.97 |
| Three months | 200 | 310.12 |
| Six months | 150 | 241.91 |
| Twelve months | 150 | 19.53 |
Accepted amounts include non-competitive bids. The bid report from the same auction showed Rs 416 billion of twelve-month bids, so there was demand. SBP did not take most of it at the yields offered. Our report on the bids had estimated where each cut-off might land. The actual one-month cut-off was higher than that estimate, and the twelve-month cut-off was lower.
What the price on Rs 1 million of face value means for an investor
Non-competitive bidders paid a price per Rs 100 of face value. At those prices, Rs 1 million of face value cost Rs 991,307 for one month and Rs 889,554 for twelve months. The gap between the price and Rs 1 million is the profit before any tax.
| Tenor | Price per Rs 100 | Cost of Rs 1 million face value | Profit at maturity |
|---|---|---|---|
| One month | 99.1307 | Rs 991,307 | Rs 8,693 |
| Three months | 97.3368 | Rs 973,368 | Rs 26,632 |
| Six months | 94.1854 | Rs 941,854 | Rs 58,146 |
| Twelve months | 88.9554 | Rs 889,554 | Rs 110,446 |
The profit column is our arithmetic: Rs 1,000,000 minus the cost. SBP does not publish it. Those who invest through a bank or a primary dealer may pay a different price, and tax and fees come on top. Our guide to investing in treasury bills shows how an individual buys.
The next T-bill auction is on 28 October with a Rs 1,050 billion target
SBP's calendar lists the next auction on 28 October 2026, with settlement on 29 October and a target of Rs 1,050 billion. That is nearly double this auction's target. It falls two days after the Monetary Policy Committee meets, so the policy decision will be known before bids close.
- Open SBP's economic data page and find "Auction Result (latest) of Market Treasury Bills".
- Read the cut-off yield for the tenor you want.
- Compare it with the savings rate at your bank in the October savings account rates.
- Check the next auction date and target in SBP's auction calendar.
Common questions about the 14 October T-bill auction
What was the one-month T-bill cut-off yield on 14 October 2026?
The one-month cut-off yield was 11.5003 per cent, with a weighted average yield of 11.4307 per cent, according to SBP's auction result.
What was the twelve-month cut-off yield?
The twelve-month cut-off yield was 12.4999 per cent. Only Rs 10.50 billion of competitive bids were accepted in that tenor.
How much did the government raise?
It raised Rs 660.06 billion in cash for Rs 685.53 billion of face value, counting competitive and non-competitive bids, per SBP's result.
What is the difference between cut-off yield and weighted average yield?
The cut-off is the highest yield accepted. The weighted average is the average across all accepted bids, so it is equal to or below the cut-off.
Can an individual bid in this auction?
Auctions run through primary dealers, which are mostly banks. Individuals invest through a bank or an approved platform. SBP lists InvestPak as its digital platform for individuals.
When is the next T-bill auction?
The next auction is on 28 October 2026, with settlement on 29 October, per SBP's calendar.
How we verified this
What we checked, where we read it, and what we could not confirm.
Last checked 15 October 2026. Cut-off yields, accepted amounts, prices and the provincial share come from SBP's Market Treasury Bills auction result, which we opened on 15 October 2026. Targets and the 28 October date come from SBP's auction calendar for October to December 2026. The policy rate and meeting date come from the SBP monetary policy page. The profit figures and the Rs 135.53 billion difference are our own arithmetic. Prices through your bank may differ.
About the author
Global Affairs & Political Economy Writer
Muhammad Hatim is a book lover who started writing because he enjoys it. At Pakistan Era he writes about international relations, geopolitics and the global economy, with a particular interest in South Asia and the forces behind current events.
