January 23rd 2018 (MLN): The State Bank of Pakistan conducted an auction for fixed rate Pakistan Investment Bond on Wednesday in which it picked up Rs.60.794 Billion for 3 and 5 years.

The cut off yields for the 3 Year PIB came down by a fraction at 12.2401 percent compared to 12.25 percent from the previous auction, while the 5 year cut off yield remained the same at 12.70 percent.

The SBP rejected bids for the 10 and 20 year bonds.

Earlier, the central bank had, in line with expectation, received bids worth Rs.345.107 Billion against an auction target of Rs.50 billion and a maturing amount of Rs.64.107 Billion.

Out of these, the SBP accepted Rs.28.929 Billion for 3 years and Rs.24.878 Billion for 5 years.

After including the non-competitive auction and short selling amount, the total amount picked up from the auction was Rs.60.794 Billion.

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