The cut-off yields on Treasury Bills (T-Bills) were down by up to a single basis point 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. 509 billion against an initial target of Rs. 600 billion in the auction.
Official data indicates that the cut-off yields for the three-month T-Bills slid by 1 bps to 15.710 percent from 15.719 percent observed on 19 October. Similarly, proceeds for the six-month paper remained unchanged at 15.74 percent, while yields on the 12-month paper went down by 1 bps to 15.73 percent from 15.74 percent recorded in the previous auction.
The government raised Rs. 409 billion against a targeted amount of Rs. 200 billion for the three-month paper in the competitive auction, and it raised Rs. 7 billion against a target of Rs. 200 billion for the six-month paper.
Moreover, it raised Rs. 38 billion against a target of Rs. 200 billion through the 12-month bond during the auction.
The entire amount raised for the three-month paper was Rs. 443 billion, Rs. 13 billion for the six-month paper, and Rs. 52 billion for the 12-month paper.
A further breakdown of the official numbers indicates that the government raised Rs. 454 billion from the competitive auction and Rs. 55 billion through non-competitive bids, which made total proceeds of Rs. 509 billion.
