September 16, 2020 (MLN): The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold PIBs worth Rs.2.764 billion against an auction target of Rs.140 billion.

Earlier the SBP had received bids worth Rs.76.797 billion for 3, 5, 10, 15 and 20 year fixed Rated PIBs

Of these the SBP accepted 1.75 billion in 3 years, Rs.12.50 million for 5 years, Rs.2 million for 10 years and Rs.1 billion for 20 years. The bids for 15 year PIB were rejected.

Cut off yields remained largely unchanged at 8.20, 8.45, 8.99 an 10.5498 percent for 3, 5, 10 and 20 years.

In addition to the above, the SBP sold Rs.680 million in non-competitive bids for 3 and 5 years making the total accepted amount Rs.3.444 billion

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