April 13, 2023 (MLN): The State Bank of Pakistan (SBP) on Wednesday raised Rs144 billion through the sale of fixed-rate Pakistan Investment Bonds (PIBs).

The amount raised during the auction exceeded the initial target of Rs100bn. The yield for a three-year PIB reached a cut-off of 18.38%, which is 34 basis points higher than before.

Investors submitted bids totaling Rs142.57bn for the 3-year PIBs, while no bids were accepted for the 5-year and 10-year PIBs. Surprisingly, there were no bids at all for the 15-year, 20-year, and 30-year PIBs.

Apart from that, the government also raised Rs1.17bn through non-competitive bids, which led to a total amount of Rs143.74bn raised during the auction.

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Posted on: 2023-04-13T12:57:54+05:00