SBP conducted an Auction on Wednesday in which it sold 186 Bn Rupees worth of Treasury Bills against a pre-auction target of 175 Bn. Out of the 185Bn, 7.2bn was from the non-competitive auction while 178bn was from the regular auction. The Cutoff yields of the 6M auction was unchanged at 6.48 while the 3M Yield was 6.438, down 4 basis points. The 12M Yield was 6.48, down 50 basis points, but that is more of reflection of all bids in previous auctions (since the Policy Rate was cut) being rejected.

SBP Received bids of 344bn out of which 152 bn (44%) was for 3M, 63.9Bn (18.59%) was for 6M and 128bn (37%) was for 1Y instruments, of these SBP Accepted 176bn of which 15bn (8.3%) were of 3m, 63.9bn (37.5%) were of 6M and 100bn (55.88%) were of 12M.

Next Auction is scheduled for October-28, 2015 and the Target is 250Bn.