Every few weeks the State Bank auctions government paper, and the cut-off yield is where the market clears. PakDataHub has T-Bill cut-offs since 2004 and fixed-rate PIB cut-offs since 2000.
The cycle in auction yields
| Instrument | Peak | Latest |
|---|---|---|
| 3-month T-Bill | 23.39% (6 Sep 2023) | 11.60% (3 Sep 2026) |
| 6-month T-Bill | 24.79% (6 Sep 2023) | 11.90% (3 Sep 2026) |
| 12-month T-Bill | 25.06% (6 Sep 2023) | 11.99% (20 Aug 2026) |
| 5-year PIB | 16.95% (18 Sep 2023) | 11.80% (4 Aug 2026) |
| 10-year PIB | 15.25% (18 Sep 2023) | 12.30% (4 Aug 2026) |
In September 2023 short-term paper cleared above long-term bonds, a sharply inverted curve at the height of the inflation fight. By 2026 yields had roughly halved and the curve was upward-sloping again.
Get the auctions
As a table:
curl -H "X-API-Key: pk_live_xxx" \
"https://api.pakdatahub.com/v1/fixed-income/auctions?type=tbill&from=2023-01-01"
As series (these work with transforms and CSV):
curl -H "X-API-Key: pk_live_xxx" \
"https://api.pakdatahub.com/v1/series/rates.auction.tbill.3m.cutoff_yield?sort=asc&format=csv"
Ids:
rates.auction.tbill.{1m,3m,6m,12m}.cutoff_yieldrates.auction.pib.{2y,3y,5y,10y,15y,20y,30y}.cutoff_yieldrates.auction.gis.{3y,5y}.cutoff_price(GoP Ijara Sukuk)
Primary vs secondary
Compare auction cut-offs with the daily secondary-market curve (PKRV) and the policy rate to see where the market expects rates to go. Details are in the auctions API reference.