The federal government Wednesday borrowed some Rs76 billion through the auction for Pakistan Market Treasury Bills (MTBs). The SBP, on April 1, 2015, conducted the auction for the sale of 3-, 6- and 12-month T-bills and received bids amounting to Rs 228 billion with realised value of Rs 215.754 billion. Some Rs 15 billion bids were received for 3-month, Rs 104.79 billion for 6-month and Rs 108 billion for 12-month period.
Out of the received bids, the federal government accepted bids amounting to Rs 79.225 billion with realized amount of Rs 76.103 billion against the target of Rs 100 billion for the auction.
The cut-off yield of 3-month MTBs slightly declined as the State Bank had cut key policy rate by 50 basis points to 8 percent in the last monetary policy announced on March 21, 2015.
The cut-off yield of 3-month MTBs was fixed at 7.9648 percent, down by 22 basis points with accepting bids of Rs 11.538 billion (realized amount). With Rs 55.29 billion accepted bids, 6-month cut-off yield was set at 7.9436 percent. The cut-off yield of 12-month T-bills remained stable at 7.8382 percent as its Rs 9.2 billion bids were accepted.
The State Bank has issued the following:
Tenders for the sale of 3-month, 6-month & 12-month Government of Pakistan Market Treasury Bills were invited by the State Bank of Pakistan, Karachi through Primary Dealers on April 1, 2015. Bids were opened at 12:00 hours on April 1, 2015 which were received as follows:
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(Rs. In Millions)
Realized Value Face Value
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03-Month 14,802.220 15,075.000
06-Month 100,692.777 104,685.000
12-Month 100,259.120 108,175.000
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Total 215,754.117 227,935.000
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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 7.9648 7.9648 11,538.500 11,750.000
06-Month 7.9436 7.9254 55,290.023 57,475.000
12-Month 7.8382 7.8382 9,275.000 10,000.000
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Total 76,103.523 79,225.000
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