SBP raises Rs587bn through MTB auction

The State Bank of Pakistan accepted Rs586.71bn in face value at its November 11 Market Treasury Bills auction, Mettis Global reported. Investors had submitted bids worth Rs2,192.55bn across one-, three-, six- and 12-month maturities. The three-month paper accounted for the largest accepted amount, at Rs300.78bn.

Competitive bids contributed Rs232.46bn, while another Rs354.25bn came through non-competitive bids. The 12-month maturity received the most competitive acceptance, Rs201.50bn, at a cut-off yield of 12.4100%. Compared with the October 28 auction, cut-off yields declined for every tenor, with the largest drop, 48 basis points, recorded on 12-month bills.