SBP raises Rs128bln in PIBs auction

KARACHI: The State Bank of Pakistan (SBP) on Wednesday raised Rs127.89 billion worth treasury papers in an auction of Pakistan Investment Bonds (PIBs).

The target for the auction was Rs100 billion.  The SBP conducted an auction for three-, five-, 10- and 20-year maturities for which the central bank received bids of Rs350.97 billion. The SBP said it did not receive bids for 20-year maturity.  The central bank accepted bids of Rs69.13 billion for 3-year tenor, Rs58.59 billion for 5-year and Rs158.31 million for 10-year PIBs. The cut-off yield for the bids accepted at 6.5 percent, 7.54 percent and 8.85 percent per annum, respectively.