Auction Result: Govt raises Rs344.7bn through T-bills

June 25, 2025 (MLN):The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs344.7 billion.

The target was to raise Rs650 billion while the maturity amount was Rs 578bn.

Cut off yields stood at 11.0003% (-9bps) for one month, 10.9977% (-5bps) for 3 months, 10.8974% (-7bps) for 6 months, and 10.9274% (-2bps) for 12 months.

Total amount offered was Rs2.29tr, with the SBP receiving bids worth Rs1.12tr for one months, Rs276bn for 3 months, Rs299bn for 6 months, and Rs601bn for 12 months

Out of this, SBP accepted Rs4bn for one months, Rs76.01bn for 3 months, Rs35bn for 6 months, and Rs134bn for 12 months.

In addition, the central bank picked up Rs94.9bn from the non-competitive auction, making the total amount accepted Rs344.7bn.

The bid-to-cover ratio, which shows the amount of bids received versus the amount sold, dropped to 0.28 as against 2.03 in the previous auction. In other words, the SBP accepted about 363.0% of the total bids it received.

To note, the central bank in the latest auction held on June 11, 2025, sold MTBs worth Rs853.4bn against a target of Rs900bn and a maturity of Rs980bn.

Cut-off yields for 1, 3, 6, and 12 months were 11.0905% (-1bps), 11.0498% (-10bps), 10.9698% (-22bps), and 10.9497% (-25bps), respectively.

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