SBP raises Rs141bn through PIB auction

July 31, 2024 (MLN): The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Pakistan Investment Bonds (PIBs) worth Rs140.69 billion.

The target was to raise Rs125bn while the maturity amount was Rs429bn.

Cut off yields stood at 16.2500% (-35bps) for 3-year, 15.2900% (-16bps) for 5-year bonds, while bids for 10-year bonds were rejected.

Total amount offered was Rs205.63bn out of which the SBP accepted Rs140.69bn.

The SBP received bids worth Rs114.88bn for 3 year, Rs53.5bn for 5 year, and Rs37.25bn for 10 year out of which it accepted Rs100.03bn for 3 year, Rs32.38bn for 5 year, while it rejected bids for 10-year.

In addition, the SBP picked up Rs8.28bn from the non-competitive auction, making the total amount accepted Rs140.69bn.

To note, the central bank in the last auction held on July 09, 2024 sold PIBs worth Rs81bn against a target of Rs190bn.

Cut-off yields for 3 and 5 years were 16.6%, 15.45%, while bids for 10-year bonds were rejected.

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