Auction Result: SBP Sells PIB’s Worth Rs.149.919 Billion in Fixed and Floating Bonds

June 26, 2019 (MNL): The State Bank of Pakistan conducted an auction on Wednesday in which it sold PIB’s worth Rs.149.919 Billion for 3, 5 and 10 years in Fixed and Floating rate bonds.

Auction Target was Rs.200 Billion divided evenly between fixed and floating bonds, whereas the maturing amount was Rs.19.47 Billion.

In the fixed Rate auction, the SBP received bids worth Rs.241.116 Billion out of which Rs.31.65 Billion was for 3 years, Rs.82.224 Billion for 5 years and Rs.127.242 Billion for 10 years.

Out of these the SBP accepted Rs.2.250 Billion for 3 years at a cut-off yield of 13.6999 percent, Rs.27.054 Billion for 5 years at 13.80 percent and Rs.89.129 Billion for 10 years at 13.70 percent.

Including the non-competitive bids and short sold amount the total amount picked up in the Fixed Rate bond auction was Rs. 134.908 Billion.

In the Floating Rate Bond auction, the SBP received bids worth Rs.56 Billion with Spreads ranging between 75 to 125 basis points over benchmark out of which the SBP accepted Rs.15 billion at a cut-off margin of 75 bps over benchmark.

Including non-competitive bids and short selling, the total amount raised from the floating rate auction was Rs.15.010 Billion.

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