Auction Result: Govt raises Rs252.9bn through T-bills

April 30, 2024 (MLN):The State Bank of Pakistan (SBP) conducted an auction on Tuesday in which it sold Market Treasury Bills (MTBs) worth Rs252.92 billion for 3,6 and 12 months against a target of Rs300bn.

Cut off yields for 3, 6, and 12 months were 21.6601%, 21.3849%, and 20.8990%, relatively unchanged compared to the last auction.

Total amount offered was Rs890.18bn out of which the SBP accepted Rs252.92bn.

The SBP received bids worth Rs385.18bn for 3 months, Rs148.58bn for 6 months, and Rs356.42bn for 12 months out of which it accepted Rs45.06bn for 3 months, Rs7.73bn for 6 months, and Rs137.47bn for 12 months.

In addition, the SBP picked up Rs62.65bn from the non-competitive auction, making the total amount accepted Rs252.92bn.

The bid-to-cover ratio, which shows the amount of bids received versus the amount sold, rose to 3.52 as against 2.49 in the previous auction. In other words, the SBP accepted about 28.41% of the total bids it received.

To note, the central bank in the last auction held on April 17, 2024 sold MTBs worth Rs538bn against a target of Rs525bn.

Cut-off yields for 3, 6, and 12 months were 21.6601%, 21.3874%, and 20.8989%.

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