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KARACHI: The federal government raised some Rs 558 billion on Wednesday through the sale of short-term security papers.

The State Bank of Pakistan (SBP) conducted the auction for the sale of 3-, 6- and 12-month Government of Pakistan Market Treasury Bills (MTBs) on April 3, 2024 and fetched bids amounting to Rs 994.33 billion.

Most of the bids were received for the 3-month MTBs, ie, amounting to Rs 424 billion. Some Rs 195 billion bids were submitted for the 6-month and Rs 375 billion for the 12-mont government papers.

Out of the received bids, the federal government borrowed an amount of Rs 557.4 billion as against the target of Rs 225 billion. The accepted bids included Rs 513 billion of Competitive and Rs 44 billion of non-competitive bids.

An amount of Rs 188.4 billion was raised against sale of 3-month MTBs and its cut-off yields remained stable at 21.6601 percent.

Cut-off yields of 6-months increased by 101 bps to 21.3999 against Rs 146 billion borrowing.

In addition, cut-off yield of 12-month T-Bills was also stable at 20.8998 and an amount of Rs 223.78 billion was raised.

Copyright Business Recorder, 2024

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