The cut-off yields on Treasury Bills (T-Bills) were up by 5 basis points (bps) 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. 828 billion against an initial target of Rs. 550 billion and maturity of Rs. 429 billion in the auction.
Official data indicates that the cut-off yields for the three-month T-Bills went up by 5 bps to 15.7949 percent from 15.7478 percent observed on August 10. Similarly, proceeds for the six-month paper also increased by 5 bps to 15.8497 percent from 15.8000 percent, while yields on the 12-month paper remained unchanged.
The government raised Rs. 567 billion against a targeted amount of Rs. 150 billion for the three-month paper in the competitive auction, and it raised Rs. 43 billion against a target of Rs. 200 billion for the six-month paper. Moreover, it raised Rs. 170 billion against a target of Rs. 200 billion through the 12-month bond during the auction.
A further breakdown of the official numbers indicates that the government also raised Rs. 48 billion through non-competitive bids, which took total proceeds to Rs. 828 billion.
