# T-Bill and PIB auction yields

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:

```bash
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):

```bash
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_yield`
- `rates.auction.pib.{2y,3y,5y,10y,15y,20y,30y}.cutoff_yield`
- `rates.auction.gis.{3y,5y}.cutoff_price` (GoP Ijara Sukuk)

## Primary vs secondary

Compare auction cut-offs with the daily secondary-market curve ([PKRV](https://pakdatahub.com/blog/pakistan-yield-curve-pkrv)) and the [policy rate](https://pakdatahub.com/blog/sbp-policy-rate-history) to see where the market expects rates to go. Details are in the [auctions API reference](https://pakdatahub.com/docs/api-auctions.md).

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Published 2026-09-25 - https://pakdatahub.com/blog/tbill-pib-auction-yields-history