KARACHI: The cut-off yields of short-term government papers decreased up to 85bps in the auction held on Wednesday.

The State Bank of Pakistan (SBP) conducted the auction for the sale of Market Treasury Bills (MTBs) with bids amounting to Rs 2,494 billion received against a target of Rs 800 billion. The SBP accepted Rs 616 billion, falling short of the target.

Auction for MTBs: SBP rejects all bids

The cut-off yields for 3M, 6M, and 12M T-bills have decreased by 70bps, 61bps, and 85bps, respectively, settling at 12.9974 percent, 12.8948 percent, and 12.3500 percent.

According to Topline Securities, the 3M yield has reached its lowest level since Apr’22, while the 6M and 12M yields have dropped to levels last seen in Mar’22.

Copyright Business Recorder, 2024