The government has exceeded its target of raising Rs100 billion through the auction of fixed-rate Pakistan Investment Bonds (PIBs) on Wednesday.
According to data from the central bank, the government raised a total of Rs. 143.74 billion in the auction.
The auction saw the cut-off yields for 3-year PIBs increase by 34 basis points (bps), from 18.0500 percent on March 15 to 18.3988 percent on April 12. The government accepted Rs142.57 billion for 3-year PIBs, while rejecting bids for 5-year and 10-year PIBs. Notably, no bids were received for the 15-year, 20-year, and 30-year PIBs.
In addition, the government also raised Rs1.17 billion through non-competitive bids, bringing the total amount raised in the auction to Rs143.74 billion. This is a significant increase from the previous PIBs auction on March 15, where the government had raised only Rs26.4 billion against the same target of Rs100 billion.
