The cut-off yields on Treasury Bills (T-Bills) went down by up to 217 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. 2,369 billion against a target of Rs. 2,250 billion and a maturity of Rs. 2,430 billion in the auction.
Official data indicates that the cut-off yield for the 3-month T-Bills went down by 171 bps to 22.7898 percent. The cut-off yield for the 6-month T-Bills went down by 199 bps to 22.8000 percent while the cut-off yield for the 12-month T-Bills dropped by 217 bps to 22.9000 percent.
The government raised Rs. 2,143 billion for the three-month paper in the competitive auction. It also raised Rs. 0.18 billion and Rs. 1.5 billion for the 6-month and 12-month T-Bills respectively.
A further breakdown of the official numbers indicates that the government also raised Rs. 224.8 billion through non-competitive bids. This took the total amount raised during the auction to Rs. 2,369 billion.