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The cut-off yield of Pakistan Investment Bonds (PIBs) remained stable in the auction held Wednesday. The State Bank of Pakistan (SBP) conducted the auction for Pakistan Investment Bonds on December 16, 2015 with coupon rates at 8.75 percent, 9.25 percent, 9.75 percent and 10.75 percent for 3-, 5-, 10-and 20-year maturity, respectively.
Overall, the SBP received bids amounting to Rs 136.908 billion (Rs 144.472 billion total realized value) for sale of 3-, 5- and 10-year varieties. However, no bid was received for 20-year tenure. Out of the received bids, the federal government accepted Rs 32.825 billion bids with a realized amount of Rs 34.664 billion. However, the cut-off yield of all PIBs remained stable in the auction.
At a cut-off yield of 7.0251 percent, bids amounting to Rs 33.279 billion (total realized amount) were accepted for 3-year PIBs. In addition, 5-year long-term investment bonds worth Rs 1.172 billion were sold at 7.9997 percent. Some Rs 212.349 million were borrowed at a cut-off yield of 9.1011 percent.

Copyright Business Recorder, 2015

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