The cut-off yields on Market Treasury Bills (MTBs) stayed substantially unchanged. State Bank of Pakistan (SBP) statistics shows that the government exceeded its initial objective of Rs. 300 billion by raising Rs. 655 billion through the auction.
According to official data, the three-month T-Bill cut-off yield was 16.998 percent, which is the same as the rate that was in effect on December 28 of last year.
In the competitive auction, the government raised Rs. 655 billion for the three-month paper instead of the Rs. 100 billion it had hoped to raise, while it turned down offers for the 6-month and 12-month notes.
For the three-month paper, investors made bids totaling Rs. 730.524 billion, with submissions up to Rs. 655 billion being allowed. The other two large secondary-market bonds, however, got bids totaling Rs. 114.41 billion, of which Rs. 55 billion for the 6-month paper and Rs. 59 billion for the 12-month issue were each rejected.
According to a further breakdown of the official figures, the government earned a total of Rs. 655 billion from the competitive auction and Rs. 3 billion from non-competitive bids.
