The Government of Pakistan auctioned fixed-rate Pakistan Investment Bonds (PIBs) and raised Rs. 145.3 billion.

The raised amount has fallen short of the pre-auction target Rs. 150 billion, according to the data released by the State Bank of Pakistan (SBP).

The cut-off yield on the three-year paper increased by 19 basis points. From 8.69 percent in the auction held last month, this time the yield was set at 8.88 percent, the SBP data showed. These bonds fetched the government Rs. 67.290 billion.

The yield on the five-year PIBs was left unchanged at 9.20 percent, and the government sold Rs. 33.1 billion worth of these papers.

Likewise, the yield on the 10-year paper was also left unchanged at 9.84 percent. These PIBs were auctioned for Rs. 5 billion.

The government did not change the yield on 15-year PIBs and kept it at 10.40 percent. Auction of these bonds brought the government Rs. 40 billion. No bids were received for 20-year and 30-year PIBs, SBP data said.

Source: Pro Pakistani