Govt Raises Rs. 158 Billion Through PIBs

The government on Tuesday raised Rs. 158 billion through the auction of fixed-rate Pakistan Investment Bonds (PIBs) against the target of Rs. 190 billion. According to data from the central bank, the cut-off yields for 3-year PIBs went down by 40 basis points (bps) in the auction of the paper. Similarly, the cut-off yields for the 5-year and 10-year PIBs went down by 38 and 50 bps respectively. The government accepted Rs. 81.10 billion for 3-year PIBs. It also accepted Rs. 40.57 billion and Rs. 1.52 billion for the 5-year and 10-year PIBs respectively. The government did not receive any bids for the 15-year, 20-year and 30-year PIBs. The government also raised Rs. 34.3 billion through non-competitive bids taking the total amount raised to Rs. 157.5 billion.