Auction Result: Govt raises Rs772bn through T-bills

May 27, 2025 (MLN): The State Bank of Pakistan (SBP) conducted an auction on Tuesday in which it sold Market Treasury Bills (MTBs) worth Rs772.27 billion.

The target was to raise Rs650 billion while the maturity amount was Rs 818bn.

Cut-off yields stood at 11.0998% (-15bps) for one month, 11.1467% (-9bps) for 3 months, 11.1849% (-9bps) for 6 months, and 11.1999% (-15bps) for 12 months.

Total amount offered was Rs3.24tr, with the SBP receiving bids worth Rs751bn for one month, Rs605.82bn for 3 months, Rs791.59bn for 6 months, and Rs1.09tr for 12 months.

Out of this, SBP accepted Rs1.01bn for 1 month, Rs258.54bn for 3 months, Rs87.36bn for 6 months, and Rs410.38bn for 12 months. 

In addition, the central bank picked up Rs107.86bn from the non-competitive auction, making the total amount accepted Rs772.27bn.

The bid-to-cover ratio, which shows the amount of bids received versus the amount sold, rose to 4.19 as against 2.66 in the previous auction. In other words, the SBP accepted about 23.9% of the total bids it received.

To note, the central bank in the last auction held on May 14, 2025, sold MTBs worth Rs664.25bn against a target of Rs550bn.

Cut-off yields for 3, 6, and 12 months were 11.2399%, 11.2790%, and 11.3490%.

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