A very thin participation was witnessed in the auction for Government of Pakistan Market Treasury Bills (MTBs), held Wednesday. The State Bank of Pakistan (SBP), on September 28, 2016, conducted the auction for the sale of 3-month, 6-month and 12-month MTBs and received bids amounting to Rs 83.577 billion with realised amount of Rs 81.537 billion against the target of Rs 100 billion.
Bids amounting to Rs 49.899 billion were received for 3-month, Rs 18.797 billion for 6-month while 12-month MTBs fetched bid worth Rs 14.88 billion. Out of total received bids, the federal government borrowed Rs 28.392 billion with a realized value of Rs 27.573 billion. The borrowed amount under this auction is much lower than the target of Rs 100 billion set by the federal government. The maturing amount for this auction was Rs 34.943 billion and an additional amount Rs 65.407 billion. The cut-off yield of all papers remained stable. Some Rs 17.281 billion worth bids were accepted for 3-month at a cut-off yield of 5.8571 percent. An amount of Rs 725.636 million was borrowed through 6-month T-bills at 5.9046 percent. Similarly, with accepted bids of Rs 9.566 billion, the 12-month cut-off yield was set at 5.9148.
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