On Wednesday, The government raised over Rs869 billion through the treasury bills [T-bills] auction. Though a meager amount for the long-term Pakistan Investment Bonds [PIBs] was raised against the target.
The State Bank reported that bids for T-bills were Rs2.124 trillion but the government remained close to its target of Rs900bn. The highest amount raised was for the benchmark six-month T-bills while bids for 12-month papers were rejected.
The cut-off yields on three-month papers were slightly changed, not reflecting any major change in the coming weeks.
The highest bids were offered for three-month papers, but the government preferred to accept maximum amount for six-month T-bills.
The bids offered for three-, six- and 12-month T-bills were Rs1,226.9bn, Rs747.8bn, and Rs150bn, respectively. The government raised Rs201bn for three-month and Rs593.6bn for six-month T-bills.