The cut-off yields on the fixed-rate Pakistan Investment Bonds (PIBs) were down by up to 3 basis points (bps) in the auction of the paper on Wednesday.
According to the data released by the State Bank of Pakistan (SBP), the government raised Rs. 210.94 billion against a target of Rs. 175 billion and maturity of Rs. 658 billion.
The yield on three-year PIBs went down by 3 bps to 13.9200 percent, the SBP’s PIBs auction result showed. The yield on the five-year paper went down by 1 bps to 13.3900 percent.
The government raised Rs. 19.14 billion against a targeted amount of Rs. 60 billion for the three-year paper. Against the five-year paper, the government raised Rs. 181.06 billion against a target of Rs. 60 billion and raised Rs. 10.73 billion against a target of Rs. 35 billion against the 10-year paper.
The 15-year, 20-year, and 30-year papers did not attract any bids.
A further breakdown of the official numbers indicates that the government also raised Rs. 24.49 billion through non-competitive bids, which took total proceeds to Rs. 235.43 billion.
