In Treasury Bills Auction held on Wednesday 22-September-2021, the State Bank of Pakistan increase in the cut-off yields on treasury bills (T-bills) was witnessed where SBP raised PKR 791.193 billion.
SBP fixed a cut-off yield of 7.64% on the three-month T-bill, marking 41 bps increase from last auction. A total of PKR 746.88bn was raised against three-month T-Bills. For 6 months T-Bills, the cut-off yield increased by 49 bps to 7.98%. Total bids accepted for three months were PKR 44.3billion.
No bids were accepted in 1-year tenor .
SBP received total bids of PKR 1,139 billion for the auction of T-bills while it accepted PKR 791 billion, including the amount raised through non-competitive bids.
Recent Increase in the Interest Rates and rolling back of Monetary Stimulus has given rise to the forecast of Higher Interest Rates in the Fiscal Year 2022. Hence, participation has shifted tot he shorter tenor of the yield curve, as per the expectations.
| T-Bill Tenor | Amount Offered PKR Billion | Amount Accepted PKR Billion | Cut-Off Yield % | Previous Cut-Off % |
| 3-months | 827.8 | 746.88 | 7.64% | 7.41 |
| 6-months | 222.168 | 44.308 | 7.98% | 7.49 |
| 12-months | 89 | 0 | – | – |
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