KARACHI: The government on Wednesday raised Rs167 billion — 50 per cent less than the auction target — from treasury bills as investors were keen on parking their funds in longer tenors.

Investors offered close to Rs1 trillion with massive Rs508.8bn bids for 12-month papers, but the government accepted only Rs90.5bn bids at a cut-off yield of 7.75pc.

However, it accepted bids of Rs26.8bn for three-month papers at 8.15pc, a fall of 24 basis points. The yields for six-month papers were also down by 19bps to 7.8pc as the government only accepted Rs50bn bids.

Published in Dawn, May 21st, 2020