Auction Result: Govt raises Rs258.8bn through T-bills

February 19, 2025 (MLN): The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs258.81 billion.

The target was to raise Rs350 billion while the maturity amount was Rs371bn.

Cut off yields stood at 11.8247% (+3bps) for 3 months, 11.6749% (+17bps) for 6 months, and 11.6498% (+6bps) for 12 months.

Total amount offered was Rs736.65bn, with the SBP receiving bids worth Rs283.83bn for 3 months, Rs121.57bn for 6 months, and Rs331.26bn for 12 months.

Out of this, SBP accepted Rs130.38bn for 3 months, Rs14.36bn for 6 months, and Rs70.11bn for 12 months.

In addition, the central bank picked up Rs43.97bn from the non-competitive auction, making the total amount accepted Rs258.81bn.

The bid-to-cover ratio, which shows the amount of bids received versus the amount sold, rose to 2.85 as against 2.03 in the previous auction. In other words, the SBP accepted about 35.1% of the total bids it received.

To note, the central bank in the last auction held on February 04, 2025 sold MTBs worth Rs451.92bn against a target of Rs450bn.

Cut off yields stood at 11.7998% for 3 months, 11.5048% for 6 months, and 11.5898% for 12 months.

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