Cut-off Yields on Fixed Rate PIBs Down by up to 3 BPS

The cut-off yields on the fixed-rate Pakistan Investment Bonds (PIBs) were down by 1-3 basis points (bps) in the auction of the paper on Wednesday. According to the data released by the State Bank of Pakistan (SBP), the government raised Rs. 155 billion against a target of Rs. 150 billion. The government raised Rs. 8 billion against a targeted amount of Rs. 50 billion for the three-year paper. Against the five-year paper, the government raised Rs. 101 billion against a target of Rs. 50 billion. Moreover, it raised Rs. 46 billion against a target of Rs. 30 billion through the 10-year bond during the auction. The government rejected all the bids received for the 15-year paper. The 20-year and 30-year papers did not attract any bids.