The State Bank of Pakistan set a cut-off yield at 12.6303 percent on the government's benchmark 10-year investment bond at an auction on Wednesday. The yield was lower than the cut-off yield of 13.2409 percent set at the previous auction on April 15.
The SBP also set a cut-off yield of 12.4151 percent on the five-year Pakistan Investment Bond (PIB), down from 12.9495 percent in the previous auction. The bank set a cut-off yield of 12.5018 percent for three-year bonds. For the seven-year and 15-year bonds, the cut-off yield was set at 12.5807 percent and 13.3900 percent respectively.
The SBP set the cut-off yield at 13.8004 percent for its 20-year bonds, and it set the cut-off yield at 14.3003 percent for 30-year PIBs. The central bank said it sold a total of Rs 19.96 billion ($247.8 million) worth of PIBs after receiving bids worth of Rs 46.73 billion. It had set a combined pre-auction target of Rs 20 billion. It was the fourth PIB auction by the government in the 2008/09 fiscal year, which began on July 1.
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