The cut-off yields on Treasury Bills (T-Bills) were up by up to 15 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. 1,399 billion against an initial target of Rs. 1,500 billion and maturity of Rs. 1,968 billion in the auction.
Official data indicates that the cut-off yields for the three-month T-Bills remained unchanged. The proceeds for the six-month paper increased by 15 bps to 15.9998 percent from 15.8497 percent, while yields on the 12-month paper increased by 1 bps to 15.9900 percent from 15.9790 percent observed on September 7.
The government raised Rs. 1,250 billion against a targeted amount of Rs. 500 billion for the three-month paper in the competitive auction, and it raised Rs. 65 billion against a target of Rs. 500 billion for the six-month paper. Moreover, it raised Rs. 26 billion against a target of Rs. 500 billion through the 12-month bond during the auction.
A further breakdown of the official numbers indicates that the government also raised Rs. 58 billion through non-competitive bids, which took total proceeds to Rs. 1,399 billion.
