SBP raises Rs106.6bn through PIB-PFL auction

June 26, 2024 (MLN): The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Pakistan Investment Bond – Floating Rate (PIB-PFL) semiannual worth Rs106.6 billion 5 and 10 years against a target of Rs210bn.

The cut-off price for the 5-year PIB-PFL semiannual stood at Rs96.5472, while for the 10-year bond, it stood at Rs94.484.

SBP received bids worth Rs394.7bn for PIB-PFL semiannual and Rs136.7bn for PIB-PFL quarterly. Out of these, the central bank accepted Rs106.6bn for the semiannual floaters, while none were accepted for the quarterly PIB.

The settlement date for the successful bids is June 27, 2024.

The amount raised through PIB-PFL semiannual comes from the sale of 5-year and 10-year semiannual PIBs worth Rs81.6bn and Rs25bn, respectively.

The total sum raised through 5-year and 10-year semiannual bonds represents Rs105bn raised by SBP through competitive bids and Rs1.6bn raised through non-competitive bids.

The target for the PIB-PFL semiannual was to raise Rs200bn through the sale of 5-year and 10-year PIB, Rs100bn each.

In the case of PIB-PFL quarterly, it was to raise Rs10bn with the sale of 2-year and 3-year PIB-FRF.

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