KARACHI: The federal government raised Rs 143.7 billion through the sale of long-term government securities against the target of Rs 100 billion.

The auction for sale of 3-, 5-, 10-, 15-, 20- and 30-year Pakistan Investment Bonds (PIBs) was held Wednesday (Apr 12) with settlement date of Apr 13, 2023.

Overall, the State Bank of Pakistan (SBP) received bids amounting to Rs 326.5 billion for 3-, 5- and 10-year. No bid was submitted for 15-, 20- and 30-year long-term investment bonds.

Some Rs 164.847 billion worth bids were received for 3-year PIBs, Rs 43.8 billion for 5-year and Rs 118 billion for 10-year government papers.

The federal government borrowed Rs 142.572 billion through the sale of 3-year PIBs and its cut-off yield was set at 18.3899 percent, up by 34 basis points. All bids for 5-and 10-year bonds were rejected.

In addition, some Rs 84.79 billion were raised through non-competitive bids of 3-year PIBs. The total borrowing through long-term investment papers reached Rs 143.74 billion.

Copyright Business Recorder, 2023