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KARACHI: The cut-off yield of short-term government papers further rose by up to 80 basis points (bps) in the auction held Wednesday.

The State Bank of Pakistan (SBP) conducted an auction for the sale of 3-month, 6-month and 12-month Government of Pakistan Market Treasury Bills (MTBs) on April 6, 2022 and received bids amounting to Rs 911.039 billion with a realized value of Rs 859.414 billion.

Most of the bids were received for 3-month treasury bills. The received bids include Rs 505 billion for 3-month, Rs 190.533 billion for 6-month and Rs 215.432 billion for 12-month. The federal government accepted bids amounting to Rs 645.052 billion or Rs 611.322 billion realized value against the target of Rs 600 billion set for this auction.

The Monetary Policy Committee (MPC) of the State Bank maintained the policy rate unchanged at 9.75 percent in its meeting held on March 8, 2022, however, the cut-off yield on all short-term government papers continued to surge on expected increase in interest rate.

The cut-off yield of all T-bills went up ranging between 60 bps to 80 bps in the auction held on Wednesday. The cut-off yield of 3-month short term government securities rose by 80 bps to 12.8002 percent compared to 12.00 percent in the previous auction held on March 22, 2022. The borrowed amount through 3-month T-bills was Rs 373.305 billion.

Bids amounting to Rs 148.283 billion were accepted for the 6-month MTBs at a cut-off yield of 13.2500 percent, up by 75 bps. In addition, the cut-off yield of 12-month T-bills increased 60 bps to 130.30 percent from 12.70 percent as against Rs 143 billion borrowing.

In addition, the federal government also borrowed some Rs 32.800 billion through sale of 2-year and 3-year Pakistan Investment Bonds Floating Rate out of received bids amounting Rs 106.4 billion on Wednesday. This includes Rs 3 billion of 2-year bonds and Rs 29.8 billion of 3-year PIBs.

Copyright Business Recorder, 2022

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