KARACHI: The government on Monday raised Rs117 billion through the auction of fixed-rate Pakistan Investment Bonds (PIBs), with the yields increasing on three-, five- and 10-year papers as investors expect the interest rates to be hiked further in the coming months. The auction target was Rs100 billion, while investors offered an amount of Rs288 billion.
The cut-off yield on the three-year paper rose by 246 basis points to 11.3400 percent from 8.8800 percent in the auction held on September 15. The yield on five-year PIB also increased by 241 bps to 11.5900 percent.
The yield on a 10-year paper rose 196 bps to 11.7900 percent. The central bank said it sold Rs25 billion worth of three-year paper and Rs56.5 billion of the five-year and Rs35.5 billion worth of 10-year paper. The government rejected bids for 15-year PIB. Moreover, no Bids were received for 20 and 30 years PIBs.
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