SBP raises Rs218bn through floating rate PIBs

By MG News | September 04, 2024 at 07:14 PM GMT+05:00

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September 04, 2024 (MLN):The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold floating rate Pakistan Investment Bonds worth Rs218.45 billion for 5 and 10 years semiannual bonds against a target of Rs400bn.

The cut-off price for the 5-year PIB-PFL semiannual stood at Rs96.4698, while for the 10-year bond, it stood at Rs94.0192.

SBP received bids worth Rs823.9bn for PIB-PFL semiannual.

The settlement date for the successful bids is September 05, 2024.

The amount raised through PIB-PFL semiannual comes from the sale of 5-year and 10-year semiannual PIBs worth Rs188bn and Rs30.45bn, respectively.

The total sum raised through 5-year and 10-year semiannual bonds represents Rs210.45bn raised by SBP through competitive bids and Rs8bn raised through non-competitive bids.

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

To note, the central bank in the last auction held on August 21, 2024 sold PIBs-PFL worth Rs202bn against a target of Rs360bn.

The cut-off price stood at 96.7385 and 94.5568 for the 5-year and 10-year PIB-PFL semiannual bonds.

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