Govt Raises Rs. 452 Billion Via T-Bills

The cut-off yields on Treasury Bills (T-Bills) settled higher by up to 21 basis points (bps) in the auction of the paper held on Tuesday. According to the data released by the State Bank of Pakistan (SBP), the government raised Rs. 452 billion against a target of Rs. 450 billion and participation of Rs. 918 billion. Official data indicates that the cut-off yield for the 3-month T-Bills went up by 21 bps to 11.7998 percent. The cut-off yield for the 6-month T-Bills went up by 10 bps to 11.5048 percent while the cut-off yield for the 12-month T-Bills increased by 20 bps to 11.5898 percent. The government raised Rs. 153.2 billion for the three-month paper in the competitive auction. It also raised Rs. 28 billion and Rs. 212 billion for the 6-month and 12-month T-Bills respectively, bringing the total amount to Rs. 393.7 billion. A further breakdown of the official numbers indicates that the government raised Rs. 58.2 billion through non-competitive bids. This took the total amount raised during the auction to Rs. 452 billion.