Auction Result: Govt raises Rs569bn through T-bills

March 05, 2025 (MLN): The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs568.72 billion.

The target was to raise Rs700 billion while the maturity amount was Rs946bn.

Cut-off yields stood at 11.8247% for 3 months, 11.6699% (-1bps) for 6 months, and 11.6400% (-1bps) for 12 months.

The total amount offered was Rs1.24tr, with the SBP receiving bids worth Rs576.53bn for 3 months, Rs229.3bn for 6 months, and Rs430.97bn for 12 months.

Out of this, SBP accepted Rs398.68bn for 3 months, Rs49.3bn for 6 months, and Rs66.11bn for 12 months.

In addition, the central bank picked up Rs54.63bn from the non-competitive auction, making the total amount accepted Rs568.72bn.

The bid-to-cover ratio, which shows the amount of bids received versus the amount sold, rose to 2.17 as against 2.85 in the previous auction. In other words, the SBP accepted about 46.0% of the total bids it received.

To note, the central bank in the last auction held on February 19, 2025, sold MTBs worth Rs258.81bn against a target of Rs350bn.

Cut-off yields stood at 11.8247% for 3 months, 11.6749% for 6 months, and 11.6498% for 12 months.

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