Auction Result: SBP sells T-bills worth Rs663.26bn

July 12, 2023 (MLN): The State Bank of Pakistan(SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs.663.26 billion for 3, 6, and 12 months.

The auction target was Rs900bn against a maturing amount of Rs592bn.

Cut-off yield for 3, 6, and 12 months were 22.80%, 22.96%, and 22.99%, increasing by 80, 98, and 99 bps after the SBP raised the policy rate by 100 bps.

The total amount offered was Rs1,996.61bn, of which the SBP accepted Rs571.01bn.

The SBP received bids worth Rs1,499.64bn for 3 months, Rs161.57bn for 6 months, and Rs335.41bn for 12 months out of which it accepted Rs335.09bn, Rs11.17bn, and Rs.224.76bn respectively.

In addition, the SBP picked up Rs92.25bn from the non-competitive auction, making the total amount accepted Rs663.26bn.

The SBP also picked up Rs304.72bn through the sale of floating-rate PIBs.

The central bank picked up Rs242.546bn for 5 years, Rs20.175bn for 2 years, and Rs.42.004bn for 3 years. No bids were received for the 10-year PIB.

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