Auction Result: Govt raises Rs392bn through T-bills

March 19, 2025 (MLN): The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs392.17 billion.

The target was to raise Rs800 billion while the maturity amount was Rs513bn.

Cut off yields stood at 12.04% for one month, 11.8242% for 3 months, 11.6699% for 6 months, and 11.8999% (+26bps) for 12 months.

Total amount offered was Rs1.57tr, with the SBP receiving bids worth Rs583bn for one month, Rs332.4bn for 3 months, Rs156.5bn for 6 months, and Rs501.87bn for 12 months.

Out of this, SBP accepted Rs116.8bn for one month, Rs133bn for 3 months, Rs1.5bn for 6 months, and Rs98.47bn for 12 months.

In addition, the central bank picked up Rs42.38bn from the non-competitive auction, making the total amount accepted Rs392.17bn.

The bid-to-cover ratio, which shows the amount of bids received versus the amount sold, rose to 4.02 as against 2.17 in the previous auction. In other words, the SBP accepted about 24.9% of the total bids it received.

To note, the central bank in the last auction held on March 05, 2025, sold MTBs worth Rs568.72bn against a target of Rs700bn.

Cut-off yields stood at 11.8247% for 3 months, 11.6699% for 6 months, and 11.6400% for 12 months.

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