Govt Raises Rs. 397 Billion Through PIBs

The government on Wednesday raised Rs. 397 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 19 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 7 and 10 bps respectively. The government accepted Rs. 151.70 billion for 3-year PIBs. It also accepted Rs. 39.50 billion and Rs. 103.96 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. 101.41 billion through non-competitive bids taking the total amount raised to Rs. 396.57 billion.