Govt Raises Rs. 1.57 Trillion in T-Bill Auction

The cut-off yields on Treasury Bills (T-Bills) were up by 120 basis points 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. 1.57 trillion against an initial target of Rs. 1.8 trillion in the auction.

Official data indicates that the cut-off yields for the three-month T-Bills surged by 105 bps to 20.99 percent from 19.95 percent observed on 22 February. Similarly, cut-off yields for the six-month paper went up by 95 bps to 20.84 percent, while yields on the 12-month paper increased by 120 bps to 20.98 percent from 19.79 percent recorded in the previous auction.

The government raised Rs. 1,505.4 billion against a targeted amount of Rs. 600 billion for the three-month paper in the competitive auction and raised Rs. 0.3 billion against a target of Rs. 600 billion for the six-month paper.

Moreover, it raised Rs. 2 billion against a target of Rs. 600 billion through the 12-month bond during the auction.

The entire amount raised for the three-month paper was Rs. 1,564 billion, Rs. 2.5 billion for the six-month paper, and Rs. 3.4 billion for the 12-month paper. A further breakdown of the official numbers indicates that the government raised Rs. 1,507.7 billion from the competitive auction and Rs. 62.3 billion through non-competitive bids, which made total proceeds of Rs. 1,570 billion.

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