Govt Raises Rs. 706 Billion Via T-Bills

The cut-off yields on Treasury Bills (T-Bills) went up by up to 1 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. 706 billion against a target of Rs. 750 billion and maturity of Rs. 630 billion in the auction. Official data indicates that the cut-off yield for the 3-month T-Bills remained unchanged. The cut-off yield for the 6-month T-Bills went down by 2 bps to 21.9616 percent from 21.9789 percent observed on April 5. The cut-off yield for the 12-month T-Bills went up by 1 bps to 21.9997 percent from 21.9901 percent. The government raised Rs. 613 billion for the three-month paper in the competitive auction. It also raised Rs. 4 billion and Rs. 39 billion for the 06-month and 12-month T-Bills respectively. A further breakdown of the official numbers indicates that the government also raised Rs. 49 billion through non-competitive bids. This took the total amount raised during the auction to Rs. 706 billion.