The State Bank of Pakistan on Wednesday accepted bids worth Rs 20.538 billion with a realised amount of Rs 18.482 billion for the sale of 3-, 5- and 10-year Pakistan Investment Bonds (PIBs).
The SBP conducted auction of Pakistan Investment Bonds for 3-, 5-, 7-, 10-, 15-, 20- and 30 years maturity on December 22, 2010 with coupon rates as 11.25 percent, 11.50 percent, 11.75 percent, 12.00 percent, 12.50 percent, 13.00 percent and 13.75 percent for 3-, 5-, 7-, 10-, 15-, 20- and 30 years maturity, respectively and settlement date set as December 23, 2010.
The bids were opened Wednesday and the SBP received Rs 32.226 billion worth bids. However, following the directions of the ministry of finance, the SBP accepted Rs 20.538 billion bids for the sale of 3-, 5- and 10-year, while bids for other bids ie 7-, 15-,20- and 30-year were rejected.
For the sale of 3-year bonds Rs 5.104 billion bids were accepted and cut-off yield was set at 14.2486 percent, up by 35 basis points. Cut-off yield for 5-year was raised by 30 basis points to 14.2973 percent with Rs 1.85 billion bids and for 10-year bonds Rs 13.584 billion bids were accepted and a cut-off yield was set at 14.3597 percent, up by 26 basis points.
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