Govt Raises Rs. 185 Billion Via T-Bills, Cut-Off Yields Down by up to 62 BPS

The cut-off yields on Treasury Bills (T-Bills) went down by up to 62 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. 185 billion against a target of Rs. 225 billion in the auction. Official data indicates that the cut-off yield for the 3-month T-Bills went down by 50 bps to 20.49 percent. The cut-off yield for the 6-month T-Bills went down by 56 bps to 20.40 percent while the cut-off yield for the 12-month T-Bills declined by 62 bps to 20.22 percent. The government raised Rs. 8 billion for the three-month paper in the competitive auction. It also raised Rs. 3 billion and Rs. 92 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. 82 billion through non-competitive bids. This took the total amount raised during the auction to Rs. 185 billion.