The cut-off yields on Treasury Bills (T-Bills) went down by up to 41 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. 776 billion against a target of Rs. 450 billion in the auction.
Official data indicates that the cut-off yield for the 3-month T-Bills remained unchanged. The cut-off yield for the 6-month T-Bills went down by 1 bps to 19.9640 percent while the cut-off yield for the 12-month T-Bills declined by 41 bps to 18.5400 percent.
The government raised Rs. 79.66 billion for the three-month paper in the competitive auction. It also raised Rs. 446.66 billion and Rs. 200.00 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. 50.39 billion through non-competitive bids. This took the total amount raised during the auction to Rs. 776.7 billion.
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