Govt raises Rs145.3bln via PIBs

KARACHI: The government on Wednesday raised Rs145.3 billion through the auction of fixed rate Pakistan Investment Bonds (PIBs), against the pre-auction target of Rs150 billion.

The cut-off yield on the three-year paper rose 19 basis points to 8.88 percent from 8.69 percent in the previous auction held on July 07, according to the central bank’s auction result. The yield on the five-year PIBs stayed flat 9.20 percent. The yield on the 10-year paper was 9.84 percent. The bid for this paper was rejected by the government in the previous auction.

The yield on 15 year PIBs ended unchanged at 10.40 percent. No Bids received for 20-year and 30-year PIBs.

The central bank said it sold Rs67.290 billion worth of three-year paper, Rs33.100 billion of the five-year, Rs5billion worth of 10-year and Rs40 billion of the 15-year paper.