The cut-off yields on Treasury Bills (T-Bills) went up by up to 20 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. 997 billion against a target of Rs. 450 billion.
Official data indicates that the cut-off yield for the 1-month paper declined by 4.9 bps but increased for 3-month T-Bills by 9 bps.
The cut-off yield for the 6-month T-Bills went up by 12 bps to 10.44 percent from 9.94 percent observed on 18 February.
The government raised Rs. 70 billion for the 1-month paper and Rs. 82.9 billion for the three-month paper through competitive bidding. It also raised Rs. 31 billion and Rs. 135.9 billion for the 6-month and 12-month T-Bills respectively.
A further breakdown of the official numbers indicates that the government raised Rs. 319.8 billion through competitive bidding and Rs. 677.2 billion through non-competitive bids. This took the total amount raised during the auction to Rs. 997 billion.