The federal government Wednesday borrowed Rs 103 billion from schedule banks through the auction for Market Treasury Bills (MTBs). The State Bank of Pakistan (SBP), on July 8, 2015, conducted the auction for the sale of 3-month, 6-month & 12-month MTBs and received bids less than the target. This was the first auction for this fiscal year, ie, 2016.
Overall, bids amounting to Rs 143.853 billion with a realised amount of Rs 139.529 billion were received for the sale of 3-, 6-and 12-month bills against the target of Rs 150 billion. The received bids included Rs 67.118 billion for 3-month and Rs 54.734 billion for 6-month and some Rs 22 billion for 12-month T-bills. The federal government accepted bids amounting to Rs 103 billion with a realized value of Rs 99.8 billion.
The cut-off yield of 3-month Treasury Bills stood at 6.9308 percent with accepted bids worth Rs 48.506 billion (realized amount). Bids worth Rs 35.165 billion (realized value) were accepted for 6-month and its cut-off yield was set at 6.9513 percent. Some Rs 16.128 billion were borrowed through the auction of 12-month T-Bills at a cut-off yield of Rs 6.9710 percent. The SBP has issued the following:
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(Rs In Millions)
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Realized Value Face Value
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03-Month 66,062.742 67,118.920
06-Month 52,897.379 54,734.100
12-Month 20,569.325 22,000.000
Total 139,529.446 143,853.020
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Out of the above bids, the accepted bids are as under:
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Maturity Cut - Off Weighted Realized Face
Period Yield Avg. Yield Amount Value
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03-Month 6.9308 6.9293 48,506.477 49,280.000
06-Month 6.9513 6.9502 35,165.414 36,384.100
12-Month 6.9710 6.9710 16,128.750 17,250.000
Total 99,800.641 102,914.100
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