SBP sells Rs169bn worth of PIBs

KARACHI: The State Bank of Pakistan (SBP) raised Rs169 billion through the sale of Pakistan Investment Bonds (PIBs), according to a statement issued on Thursday.

SBP data showed that the cut-off yields for all tenors decreased. The yields on 3-year bonds fell by 92 basis points, from 8.56pc to 7.64pc; the yields on 5-year bonds also decreased from 8.83pc to 8.05pc; the yields on 10-year bonds dropped from 9pc to 8.69pc; while the yields for 10.49pc to 9.97pc. 

As per the auction result, the initial target was Rs125 billion.

Out of the Rs142.4 billion for the 3-year PIB, SBP accepted Rs81.5 billion. For 5-year PIB, the central bank accepted Rs57.9 billion out of Rs63.9 billion, whereas it accepted Rs27 billion for 10-year PIB, out of Rs29.49 billion. For the 15-year PIB, it accepted $2.5 billion out of $3.5 billion. 

The next auction will be held on June 24, 2020.

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