Govt Raises Rs. 913 Billion Via Treasury Bills

The cut-off yields on Treasury Bills (T-Bills) were up by up to 22 basis points 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. 913 billion against an initial target of Rs. 1,200 billion in the auction. A total participation of Rs. 1,694 billion was witnessed during the session. Official data indicates that the cut-off yields for the three-month T-Bills upped by 22 bps to 11.9999 percent, which is the same as 11.99 percent observed on 11 November. Similarly, proceeds for the six-month paper remained unchanged at 11.99 percent as well, while yields on the 12-month paper went up by 7 bps to 12.2977 percent from 12.2999 percent recorded in the previous auction. The government raised Rs. 367 billion against a targeted amount of Rs. 300 billion for the three-month paper in the competitive auction, and it raised Rs. 201 billion against a target of Rs. 300 billion for the six-month paper. Moreover, it raised Rs. 259 billion against a target of Rs. 600 billion through the 12-month bond during the auction. The entire amount raised for the three-month paper was Rs. 401 billion, Rs. 226 billion for the six-month paper, and Rs. 286 billion for the 12-month paper. A further breakdown of the official numbers indicates that the government raised Rs. 827 billion from the competitive auction and Rs. 87 billion through non-competitive bids, which made total proceeds of Rs. 913 billion.