Pakistan's government sold $1.6bn of Treasury bills at 17.49%-16.99% yields, exceeding the target of Rs150bn.
Pakistan's government sold Rs321 billion ($1.6 billion) worth of Treasury bills in an auction, with three-month bills fetching Rs52 billion at a 17.49% yield, six-month bills earning Rs144 billion at 17.74%, and 12-month bills garnering Rs125 billion at 16.99%. The State Bank of Pakistan exceeded its auction target of Rs150 billion, raising Rs397 billion in total. The successful auction saw a notable decline in auction cut-off yields across all tenors, with the highest 148bps drop recorded in three-month bills. Investors' strong participation indicates an eagerness to secure favorable yields before anticipated rate cuts.
August 22, 2024
3 Articles