Auction Result: Govt raises Rs562bn through T-bills

April 30, 2025 (MLN): The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs562 billion.

The target was to raise Rs400 billion while the maturity amount was Rs698bn.

Cut-off yields stood at 12.1492% (-17bps) for one month, 12.0098% for 3 months, 11.9998% for 6 months, and 12.0100% for 12 months.

Total amount offered was Rs1.51tr, with the SBP receiving bids worth Rs175.92bn for 3 months, Rs146.61bn for 6 months, and Rs298.72bn for 12 months.

Out of this, SBP accepted Rs65.18bn for one month tenor, Rs127.84bn for 3 months, Rs81.81bn for 6 months, and Rs224.72bn for 12 months.

In addition, the central bank picked up Rs74.88bn from the non-competitive auction, making the total amount accepted Rs562bn.

The bid-to-cover ratio, which shows the amount of bids received versus the amount sold, rose to 2.68 as against 1.79 in the previous auction. In other words, the SBP accepted about 37.3% of the total bids it received.

To note, the central bank in the last auction held on April 16, 2025, sold MTBs worth Rs964.63n against a target of Rs850bn.

Cut-off yields stood at 12.3194% for one month, 12.0100% for 3 months, 11.9900% for 6 months, and 12.0100% for 12 months.

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