SBP T-Bill Auction Result 28 October 2026: Cut-Off Yields 12.11% to 12.89%, All 4 Tenors

The government sold Rs 1.91 trillion of Treasury bills (T-bills) at the State Bank of Pakistan (SBP) auction on Wednesday 28 October 2026, and the cut-off yields rose to 12.11% for one month, 12.43% for three months, 12.65% for six months and 12.89% for twelve months. Every tenor came in higher than the 14 October auction, the first auction since the SBP raised its policy rate to 12%.

Banks and other dealers offered Rs 4.87 trillion against a target of Rs 1.65 trillion. We read the SBP result sheet and its auction calendar on 30 and 31 October 2026. Below are the yields for all four tenors, what they mean for a Rs 100,000 investment, and the next auction dates.

Cut-off yields rose to between 12.11% and 12.89% on 28 October

At the 28 October 2026 auction, the SBP accepted bids up to 12.1055% for one-month bills, 12.4261% for three months, 12.6500% for six months and 12.8900% for twelve months. The weighted average yields, what buyers paid on average, were slightly lower at 12.02% to 12.79%.

The one-month yield rose the most, by about 0.61 percentage points. Short bills follow the policy rate closely, and the SBP raised that rate by 0.50 points to 12% from 27 October. The 14 October figures are in our report on that auction.

Bids reached Rs 4.87 trillion for a Rs 1.65 trillion target

Dealers bid Rs 4.87 trillion at face value, almost three times the Rs 1.65 trillion target. The SBP accepted Rs 1.67 trillion of competitive bids and Rs 244 billion of non-competitive ones, for a total of Rs 1.91 trillion at face value, or Rs 1.84 trillion in cash raised.

All amounts are face value. The pattern is clear. Demand was heavy for one and three months, and the SBP took far more than the target there. Six and twelve months fell short of their targets. Six-month bids, at Rs 336 billion, did not even reach the Rs 450 billion target.

The government had Rs 1,195 billion of bills maturing on the settlement date of 29 October, the calendar shows. By our arithmetic on face values, it borrowed about Rs 718 billion more than it repaid.

The 28 October target was raised from Rs 1,050 billion to Rs 1,650 billion

The SBP calendar dated 9 October set the 28 October target at Rs 1,050 billion. A revised calendar posted on 27 October raised it to Rs 1,650 billion, and the October to December total from Rs 4,700 billion to Rs 5,300 billion. The other dates kept their targets.

The calendar does not give a reason for the change. We compared the two versions line by line, and only the 28 October row moved. Our report on the original calendar has the 9 October figures.

A Rs 100,000 twelve-month bill now earns about Rs 11,313 before tax

T-bills are sold at a discount and repaid at full face value. At the 28 October non-competitive price of 88.6872, a Rs 100,000 twelve-month bill costs Rs 88,687 and pays Rs 100,000, a gain of about Rs 11,313 before tax.

These are the prices for non-competitive bids, the kind a small investor places through a bank or the SBP's investor portal. Withholding tax comes off the gain. How to place a bid from Rs 5,000 is set out in our walkthrough on buying T-bills and PIBs in Pakistan.

The next T-bill auction is on 11 November 2026

The next SBP T-bill auction is on Wednesday 11 November 2026, with settlement on 12 November and a target of Rs 400 billion. Three more follow before the year ends: 25 November and 9 December at Rs 600 billion each, and 23 December at Rs 800 billion.

Bidding runs from 10:00 am to 12:00 noon on auction day through primary dealers, and the result comes the same day. If you plan to buy, these steps keep it simple.

1. Check the latest cut-off yields on the SBP home page under "Cut-off Rates in the Latest Auctions".
2. Ask your bank whether it accepts non-competitive T-bill bids for individuals, and its cut-off time.
3. Choose a tenor. Shorter bills follow rate changes faster; twelve months locks today's yield for a year.
4. Place the bid before the bank's deadline on auction day, with funds in your account.
5. Check the result the same evening and keep the confirmation your bank sends.

Common questions

What is the T-bill rate in Pakistan after the 28 October 2026 auction?

The cut-off yields were 12.1055% for one month, 12.4261% for three months, 12.65% for six months and 12.89% for twelve months.

How much did the government raise on 28 October?

Rs 1,913.2 billion at face value, including Rs 244.4 billion of non-competitive bids. In cash, that is Rs 1,841.1 billion.

Why did T-bill yields go up?

The SBP raised its policy rate by 0.50 points to 12% from 27 October, and T-bill yields usually move with it. The result sheet itself gives no reason.

Did provinces buy T-bills at this auction?

Yes. Provincial governments bought Rs 80 billion at face value through non-competitive bids: Rs 20 billion of one-month and Rs 30 billion each of three and six-month bills.

When is the next T-bill auction?

On Wednesday 11 November 2026, with a Rs 400 billion target and settlement on 12 November.

How we verified this

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

We read the SBP Market Treasury Bills auction result (file dated 28 October 2026) and the October to December 2026 auction calendar (file dated 27 October 2026) on 30 and 31 October 2026. The SBP home page shows the same cut-off yields "as on Oct 28, 2026". The result PDF scrambles its column layout, so we matched each amount to its tenor by its price ratio, and every tenor's figures add up. Changes from 14 October, net borrowing and the Rs 100,000 examples are our arithmetic. Tax on the gain is not worked out here because it depends on your filer status.