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The federal government Wednesday raised Rs 117 billion through the auction for Market Treasury Bills against the target of Rs 200 billion. Participation in the auction remained thin as most of banks appeared more interested in investing in the long-term government bonds like Pakistan Investment Bond.
The State Bank of Pakistan (SBP), on October 15, 2014, conducted the auction for the sale of 3-month, 6-month and 12-month T-bills and overall received bids amounting to Rs 119.656 billion with a realised amount of Rs 116.789 billion. Some Rs 112.506 billion bids were received for 3-month and Rs 7.450 billion for 6-month MTBs, while, 12-month T-bills failed to fetch a single bid.
Less than target participation forced the government to accept almost all the bids received in Wednesday's auction. The federal government accepted bids amounting to Rs 117.706 billion with a realised value of Rs 114.901 billion. The borrowed amount under this auction is much lower than the target of Rs 200 billion set by the federal government for this auction.
The cut-off yield of three-month Treasury Bills fixed at 9.9564 percent with accepted bids worth Rs 111 billion with a realised amount of Rs 108.47 billion. Bids amounting to Rs 6.7 billion with a realised value of Rs 6.4 billion were accepted for 6-month and its cut-off yield remained stable at 9.9791 percent.
In the last MTBs auction held on October 1, 2014, the SBP accepted bids amounting to Rs 37 billion against the target of Rs 150 billion. During the last two auctions held in the second quarter of this fiscal year, cumulatively, the federal government borrowed Rs 155 billion through the auction for MTBs against the target of Rs 350 billion.

Copyright Business Recorder, 2014

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