Govt Raises Rs. 1,165 Billion Through T-Bills

The cut-off yields on Treasury Bills (T-Bills) went down by up to 7 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. 1,165 billion against a target of Rs. 900 billion and a maturity of Rs. 1,300 billion in the auction. Official data indicates that the cut-off yield for the 3-month T-Bills went down by 5 bps to 21.4499 percent. The cut-off yield for the 6-month T-Bills went down by 7 bps to 21.4299 percent while the cut-off yield for the 12-month T-Bills declined by 7 bps to 21.4300 percent. The government raised Rs. 325 billion for the three-month paper in the competitive auction. It raised Rs. 52 billion and Rs. 651 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. 137 billion through non-competitive bids. This took the total amount raised during the auction to Rs. 1,165 billion.