The cut-off yields on Treasury Bills (T-Bills) remained mostly unchanged in the auction of the paper held on Wednesday.
According to the data released by the State Bank of Pakistan (SBP), the government raised Rs. 467 billion against an initial target of Rs. 550 billion and a maturity of Rs. 429 billion in the auction.
The government raised Rs. 339 billion against a targeted amount of Rs. 150 billion for the three-month paper in the competitive auction, and it raised Rs. 10 billion against a target of Rs. 200 billion for the six-month paper. Moreover, it raised Rs. 65 billion against a target of Rs. 200 billion through the 12-month bond during the auction. The cut-off yield for 12 month T-bills rose by 0.39 bps.
A further breakdown of the official numbers indicates that the government also raised Rs. 53 billion through non-competitive bids, which took total proceeds to Rs. 467 billion.