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CPI Preview: Inflation to fall below 14% YoY in May

PIB Auction – SBP Sells Bonds worth 94Bn against target of 50Bn

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The State Bank conducted an auction on Oct 07, 2015 in which it sold bonds worth 94 Bn against a pre-auction target of 50 bn. This was the first auction since the policy rate cut and yields were marginally lower compared to the previous auction of Sept 09, 2015.

The highest concentration of bids was for the 5Y Bond, followed by the 3Y and 10Y bonds while the 20Y Bond received no bids.

Below is the summary of the auction

Tenor Bid Amount % of Total Bids Amount Accepted % of Total Accepted Cut Off Yield
3Y 88,572.00 44.93% 39,982.00 42.50% 7.1967
5Y 103,075.00 52.29% 53,600.00 56.97% 8.1805
10Y 5,492.80 2.79% 500 0.53% 9.2299
20Y 0        
Total 197,139.80   94,082.00    

*Bid & Accepted Face Value  in Millions

Cut Off Yields Fall

Yield Comparison to Previous Auction

Tenor Oct 07, 2015 Sep 09, 2015 Change
3Y 7.1967 7.3536 -0.1569
5Y 8.1805 8.3338 -0.1533
10Y 9.2299 9.3406 -0.1107

The 20Y Bond has not received any bids in the last 9 Auctions.

The Next PIB Auction is scheduled for Nov, 18 2015

Posted on: 2015-10-07T19:30:00+05:00