SBP raises Rs6.83bn against Rs190bn target through PIB auction

April 16, 2024 (MLN): The State Bank of Pakistan (SBP) conducted an auction on Tuesday in which it sold Pakistan Investment Bonds (PIBs) worth Rs6.83 billion for 3,5 and 10 years against a target of Rs190bn.

Cut off yields for 3, 5, and 10 years were 16.65%, 15.48%, and 14.35%, depicting a fall of 13 bps and 1 bps for 3 and 5 year bonds, while the yields for 10 year bonds remained unchanged.

Total amount offered was Rs144.96bn out of which the SBP accepted Rs6.83bn.

The SBP received bids worth Rs61.41bn for 3 year, Rs40.01bn for 5 year, and Rs43.54bn for 10 year out of which it accepted Rs11 million for 3 year, Rs1.09bn for 5 year, and Rs792m for 10 year.

In addition, the SBP picked up Rs4.93bn from the non-competitive auction, making the total amount accepted Rs6.83bn.

Meanwhile, no bids were received for the 15 year and 20 year bonds.

To note, the central bank in the last auction held on March 13, 2024 sold PIBs worth Rs56bn.

Cut-off yields for 3, 5, and 10 years were 16.78%, 15.49%, and 14.35%.

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