PIB Auction Result: SBP Sells PIBs worth Rs.209.885 Billion as Yields decline

December 11, 2019 (MLN): The State Bank of Pakistan conducted an auction on Wednesday in which it sold PIB’s worth Rs.209.885 Billion for 3, 5, and 10 years in fixed and floating rate bonds.

Cut off Yields for 3, 5 and 10 years decreased by 5, 25 and 35 basis points over the previous auction to 11.75, 11.1939 and 10.9968 percent.

The bids for the 20 year PIB was rejected.

The combined auction target was Rs.150 billion against a maturing amount of Rs.255 billion.

The SBP accepted Rs.137.68 Billion in fixed Rate PIBs and Rs.72.20 Billion for the 10 year floating rate PIB.

In the fixed rate auction, the SBP received bids worth Rs.115.70 billion for 3 years, Rs138.65 billion for 5 year and Rs.82.40 billion for 10 year, out of which the central bank accepted Rs.55 billion for 3 years, Rs.47.67 billion for 5 years and Rs.35 billion for 10 years.

In the floating rate bond auction, the SBP received bids worth Rs.142.45 billion out of which the SBP accepted Rs.72.20 billion at a cut off price of 101.7689.

The SBP announced that it will release the results of the Non-Competitive auction and amount raised through short selling later.

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