The cut-off yields on Treasury Bills (T-Bills) went down by up to 45 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. 1,092 billion against a target of Rs. 900 billion and a maturity of Rs. 783 billion in the auction.
Official data indicates that the cut-off yield for the 3-month T-Bills went down by 30 bps to 22.2000 percent. The cut-off yield for the 6-month T-Bills went down by 45 bps to 22.3999 percent while the cut-off yield for the 12-month T-Bills declined by 44 bps to 22.4000 percent.
The government raised Rs. 39 billion for the three-month paper in the competitive auction. It raised Rs. 12 billion and Rs. 882 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. 159 billion through non-competitive bids. This took the total amount raised during the auction to Rs. 1,092 billion.