Treasury Bill (T-Bill) cut-off rates increased by 52 to 100 basis points (bps) during the paper’s Wednesday auction.
State Bank of Pakistan (SBP) data shows that the government raised Rs. 506 billion at the auction, above its initial target of Rs. 500 billion and maturities of Rs. 445 billion.
According to official statistics, the three-month T-Bill cut-off rates increased by 52 basis points to 15.749 percent from the 15.230 percent seen on June 29. Similarly, yields on the 12-month paper surged by 99 bps to 15.939 percent from 14.949 percent reported in the previous auction, while revenues for the six-month paper increased by 100 bps to 15.800 percent from 14.800 percent.
In the competitive auction, the government raised Rs. 356.33 billion versus a target of Rs. 200 billion for the three-month paper and Rs. 38.46 billion versus a target of Rs. 150 billion for the six-month paper. Additionally, it raised Rs 74 billion through the 12-month bond at the auction, falling short of its objective of Rs 150 billion.
The government additionally raised Rs. 37.32 billion through non-competitive bids, according to a further breakdown of the official figures, bringing the total profits to Rs. 506 billion.
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