April 17, 2024 (MLN): The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs538.01 billion for 3,6 and 12 months against a target of Rs525bn.
Cut off yields for 3, 6, and 12 months remained largely unchanged at 21.6601%, 21.3874%, and 20.8989%.
Total amount offered was Rs1.34tr out of which the SBP accepted Rs538.01bn.
The SBP received bids worth Rs592.08bn for 3 months, Rs123.1bn for 6 months, and Rs626.61bn for 12 months out of which it accepted Rs30.16bn for 3 months, Rs5.2bn for 6 months, and Rs426.01bn for 12 months.
In addition, the SBP picked up Rs76.64bn from the non-competitive auction, making the total amount accepted Rs538.01bn.
The bid-to-cover ratio, which shows the amount of bids received versus the amount sold, rose to 2.49 as against 1.78 in the previous auction. In other words, the SBP accepted about 40.10% of the total bids it received.
To note, the central bank in the last auction held on April 03, 2024 sold MTBs worth Rs558bn against a target of Rs225bn.
Cut-off yields for 3, 6, and 12 months were 21.6601%, 21.3999%, and 20.8998%.
