Auction Result: Govt raises Rs853bn through T-bills

June 11, 2025 (MLN):The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs853.4 billion.

The target was to raise Rs900 billion while the maturity amount was Rs980bn.

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

Total amount offered was Rs2.99tr, with the SBP receiving bids worth Rs486.06bn for 1 month, Rs462.4bn for 3 months, Rs843.15bn for 6 months, and Rs1.2tr for 12 months. 

Out of this, SBP accepted Rs245.3bn for 1 months, Rs197.7bn for 3 months, Rs66.5bn for 6 months, and Rs225bn for 12 months.

In addition, the central bank picked up Rs118.96bn from the non-competitive auction, making the total amount accepted Rs853.146bn.

The bid-to-cover ratio, which shows the amount of bids received versus the amount sold, rose to 7.17 as against 2.03 in the previous auction. In other words, the SBP accepted about 13.9% of the total bids it received.

To note, the central bank in the last auction held on May 14, 2025 sold MTBs worth Rs664.25bn against a target of Rs550bn.

Cut-off yields for 1, 3, 6, and 12 months were 11.2496%, 11.2399%, 11.2790%, and 11.3490%, respectively.

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