Auction Result: Govt raises Rs913bn through T-bills

December 24, 2024 (MLN): The State Bank of Pakistan (SBP) conducted an auction on Tuesday in which it sold Market Treasury Bills (MTBs) worth Rs913.14 billion.

The target was to raise Rs1.2 trillion while the maturity amount was Rs1.565tr.

Cut off yields remained unchanged at 11.9999% for 3 months, 11.9949% for 6 months, and 12.2977% for 12 months.

Total amount offered was Rs1.69tr, with the SBP receiving bids worth Rs566.32bn for 3 months, Rs338.91bn for 6 months, and Rs788.58bn for 12 months.

Out of this, SBP accepted Rs366.85bn for 3 months, Rs200.91bn for 6 months, and Rs258.75bn for 12 months.

In addition, the central bank picked up Rs86.63bn from the non-competitive auction, making the total amount accepted Rs913.14bn.

The bid-to-cover ratio, which shows the amount of bids received versus the amount sold, dropped to 1.85 as against 3.04 in the previous auction. In other words, the SBP accepted about 53.9% of the total bids it received.

To note, the central bank in the last auction held on December 11, 2024, sold MTBs worth R820bn against a target of Rs1.26tr.

Cut off yields stood at 11.9999% for 3 months, 11.9999%  for 6 months, and 12.2999% for 12 months.

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