The State Bank of Pakistan (SBP) on Tuesday received bids worth Rs 53.275 billion for the auction of 3, 5, 7, 10, 15, 20 and 30-year long-term Pakistan Investment Bonds (PIBs) as against the target of Rs 20 billion. Out of the total received bids, the central bank has accepted bids worth Rs 26.075 billion for sale of 3-, 5- and 10-year long-term bonds.
The SBP has set a cut-off yield at 14.2710 percent on the benchmark 10-year PIBs at an auction by accepting worth Rs 17.58 billion bids. Cut-off yield of 3-year has set at 14.2473 percent with Rs 6.9 billion bids. For the five-year bonds, the cut-off yield has been set at 14.2924 percent, while accepting bids worth Rs 1.595 billion. While bids for auction of 7-, 15-, 20- and 30-year bonds were rejected by SBP.
SBP issued following Auction of Pakistan Investment Bonds for 3, 5, 7, 10, 15, 20 and 30 years maturity was held on February 15, 2011 with coupon rates as 11.25 per cent 11.50 per cent, 11.75 per cent, 12.00 per cent, 12.50 per cent, 13.00 per cent and 13.75 per cent for 3, 5, 7, 10, 15, 20 and 30 years maturity, respectively and settlement date of February 17, 2011. The bid summary for 3, 5, 7, 10, 15, 20 and 30 Years maturity is as following;
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(Amount in PKR million)
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Total Price
Tenor Face Realized Accrued Realized Range
Value Amount Interest Amount (per Rs 100)
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03 Years 11,400.000 10,718.315 91.356 10,809.671 94.28-93.80
05 Years 2,845.000 2,589.185 23.306 2,612.491 91.17-90.77
07 Years 950.000 848.185 7.951 856.136 89.39-88.98
10 Years 34,180.000 30,188.296 292.169 30,480.465 88.78-86.66
15 Years 300.000 268.050 17.568 285.618 89.35
20 Years 300.000 273.300 18.271 291.571 91.10
30 Years 3,300.000 3,025.650 212.579 3,238.229 94.95-90.91
Total 53,275.000 47,910.981 663.200 48,574.181
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Out of the above bids, the accepted bids were as under:
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(Amount in PKR million)
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Effective
Tenor Weighted
Face Value Realized Accrued Total Realize Cut-off Price Cut-off Yield Average
Amount Interest Amount (per Rs 100) (YTM) %p.a. Yield %p.a
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03 Years 6,900.000 6,492.220 55.295 6,547.515 94.00 14.2473 14.2004
05 Years 1,595.000 1,452.850 13.066 1,465.916 91.04 14.2924 14.2766
07 Years B I D S R E J E C T E D
10 Years 17,580.000 15,582.176 150.273 15,732.449 88.40 14.2710 14.2206
15 years B I D S R E J E C T E D
20 Years B I D S R E J E C T E D
30 Years B I D S R E J E C T E D
Total 26,075.000 23,527.246 218.634 23,745.880
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