The cut-off yields on Market Treasury Bills (MTBs) remained largely unchanged in the auction of the paper held on Tuesday.
According to the data released by the State Bank of Pakistan (SBP), the government raised Rs. 655 billion against an initial target of Rs. 300 billion in the auction.
Official data indicates that the cut-off yields for the three-month T-Bills stood at 16.998 percent, which is the same rate observed on 28 December last year.
The government raised Rs. 655 billion against a targeted amount of Rs. 100 billion for the three-month paper in the competitive auction, while it rejected bids for the 6-month and 12-month bonds.
Investors bid Rs. 730.524 billion for the 3-month paper from which submissions of up to Rs. 655 billion were accepted. On the other hand, tenders amounting to Rs. 114.41 billion were received for the other two major secondary-market bonds, where the 6-month paper attracted Rs. 55 billion while Rs. 59 billion came in for the 12-month paper, each of which was rejected.
A further breakdown of the official numbers indicates that the government raised Rs. 652 billion from the competitive auction and Rs. 3 billion through non-competitive bids, which made total proceeds of Rs. 655 billion.
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