Auction Result: Govt raises Rs424.4bn through T-bills

July 24, 2025 (MLN):The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs424.35 billion.

The target was to raise Rs361 billion while the maturity amount was Rs200bn.

Cut off yields stood at 10.8505% for one month (-39bps) 10.6750% (-29bps) for 3 months, 10.6834% (-19bps) for 6 months, and 10.6704% (-10bps) for 12 months.

Total amount offered was Rs356.15bn, with the SBP receiving bids worth Rs6.62bn for one month, Rs278bn for 3 months, Rs54.27bn for 6 months, and Rs17.26bn for 12 months.

Out of this, SBP accepted Rs13.17bn for one month, Rs290bn for 3 months, Rs68.27bn for 6 months, and Rs52.91bn for 12 months.

The bid-to-cover ratio, which shows the amount of bids received versus the amount sold, dropped to 0.84 as against 2.03 in the previous auction. In other words, the SBP accepted about 119.1% of the total bids it received.

 To note, held July 09, 2025 the SBP raised Rs1.49 trillion against a target of Rs1.35 trillion, with cut-off yields for 3-, 6-, and 12-month T-bills at 10.9997%, 10.8994%, and 10.8000%, respectively.

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