Govt Raises Rs. 143.74 Billion Through PIBs

The government on Wednesday raised Rs. 143.74 billion through the auction of fixed-rate Pakistan Investment Bonds (PIBs) against the target of Rs. 100 billion. According to data from the central bank, the cut-off yields for 3-year PIBs went up by 34 basis points (bps) in the auction of the paper, from 18.0500 percent on March 15 to 18.3988 percent on April 12. The government accepted Rs. 142.57 billion for 3-year PIBs while it rejected bids for 5-year and 10-year PIBs. The government did not received any bids for the 15-year, 20-year and 30-year PIBs. The government also raised Rs. 1.17 billion through non-competitive bids taking the total amount raised to Rs. 143.74 billion. At the last PIBs auction on March 15, the government had raised Rs. 26.4 billion against the target of Rs. 100 billion.