Mettis Global News December 27, 2023 (MLN): The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs1.998 trillion, which is almost four times the target of just Rs510bn.
Cut off yields for 3, 6, and 12 months were 21.4480%, 21.3999%, and 21.4300%.
This means that the yields remained stable for 3 and 12-month papers, while the 6-month MTB saw a marginal decline of 2bps.
Total amount offered was Rs2.79tr out of which the SBP accepted Rs1.998tr.
The SBP received bids worth Rs702.56bn for 3 months, Rs123.1bn for 6 months, and Rs1.96tr for 12 months out of which it accepted Rs180.96bn for 3 months, Rs28.58bn for 6 months, and Rs1.7tr for 12 months.
In addition, the SBP picked up Rs88.78bn from the non-competitive auction, making the total amount accepted Rs1.998.
The bid-to-cover ratio, which shows the amount of bids received versus the amount sold, dropped to 1.4 as against 2.15 in the previous auction.
To note, the central bank in the last auction held on December 13 sold MTBs worth Rs2.15tr against a target of Rs2.25tr.
Cut-off yields for 3, 6, and 12 months were 21.4499%, 21.4201%, and 21.43%.
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Posted on: 2023-12-27T19:17:23+05:00
The post SBP sells T-Bills worth Rs2tr against a target of Rs510bn appeared first on Mettis Global Link.
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