SBP raises Rs529bn through floating rate PIBs

MG News | October 30, 2024 at 09:02 PM GMT+05:00

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October 30, 2024 (MLN): The State Bank of Pakistan (SBP) conducted an auction for floating rate Pakistan Investment Bonds on Wednesday in which it sold Rs529.46 billion for 5 and 10 years semiannual bonds against a target of Rs500bn.

The cut-off price stood at 96.9831 for 5-year bond and 93.4988 for the 10-year bond, while bids were rejected for 2-year bonds.

SBP received bids totaling Rs963.77bn.

The total sum raised represents raised through Rs514.3bn through competitive bids and Rs15.16bn through non-competitive bids.

To note, the central bank in the last auction held on October 16, 2024 sold PIBs-PFL worth Rs409bn against a target of Rs450bn.

The cut-off price stood at 99.6532 for 2-year PIB-PFL semiannual, 96.8222 for 5-year bond, and 93.5065 for the 10-year bond.

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