T-bill auction sees yield continuing to free fall

This week’s Treasury bill auction saw weighted averages yields dropped significantly across all maturities for a third consecutive week. 
The heavy demand witnessed led to the steep declines, as the total bids received exceeded the offered amount by 2.58 times, Wealth Trust Securities said. 
The 91-day maturity plunged by 101 basis points to 10.96 percent, while the 182-day maturity dropped by 113 basis points to 11.07 percent and the 364-day maturity by 127 basis points to 10.73 percent. 
The weighted averages on the three-month and one-year bills were recorded below 11.00 percent for the first time since March 2022, hitting almost two-year lows. 
The total offered amount of Rs.145.00 billion was raised at the first phase of the auction. The second phase of subscription, for the 182-day and 364-day maturities, will be open until 4:00 p.m. on the day before the settlement date (08.02.2024), at the respective weighted averages determined at the first phase of the auction.