Govt Raises Rs. 355 Billion Via T-Bills, Cut-Off Yields Down up to 54 BPS

The cut-off yields on Treasury Bills (T-Bills) went down by up to 54 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. 355 billion against a target of Rs. 210 billion in the auction. Official data indicates that the cut-off yield for the 3-month T-Bills remained went down by 52 bps to 18.9748 percent. The cut-off yield for the 6-month T-Bills went down by 54 bps to 19.7501 percent while the cut-off yield for the 12-month T-Bills declined by 50 bps to 17.7393 percent. The government raised Rs. 39 billion for the three-month paper in the competitive auction. It also raised Rs. 87 billion and Rs. 133.6 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. 95.07 billion through non-competitive bids. This took the total amount raised during the auction to Rs. 354.67 billion.