T Bill yields declines in Auction – Alfalah Securities Limited

Karachi, January 10, 2013 (PPI-OT): State Bank of Pakistan has accepted bids worth of PKR 208 billion mostly in 6M tenor in which SBP raised PKR 171 billion as against the total bids received worth of PKR 376 bn.

According to Alfalah Securities Limited, the target was set at PKR 200 billion each in yesterday’s Treasury bill auction where the cut-off rates have witnessed a slight decline. The cut-off yield on 3M and 6M papers reduced by ~9 bps to 9.1848% and 9.2084% respectively, while the 12M Tbill cut-off yields dropped by 8.4 bps to 9.2792%. State Bank of Pakistan (SBP) is due to announce the monetary policy statement in the beginning of February where Alfalah Securities Limited expects that the discount rate may be kept unchanged at the current levels of 9.5%.