BD Treasury

Devolvement is additional to accepted volume, not a slice of it. A large devolved share means the auction did not clear at yields Bangladesh Bank was willing to take, so the balance was placed with primary dealers. The cut-off lines in the lower panel are per security: each month’s average of that tenor’s cut-off yields, weighted by the face value each auction raised. The bars above sum every tenor, so a line answers “at what price” for one security while the bars answer “how much” for all of them — a 91-day bill and a 20-year bond are not one number. Switch tenors on and off with the chips above the chart.