Karachi January 18 2023: Ministry of Finance rejected all bids received in auction of fixed-rate Pakistan Investment Bonds (PIBs) compared to a target of PKR 100 billion to avoid higher interest cost, as per data published by the State Bank of Pakistan (SBP).
State Bank of Pakistan received bids of PKR 24.8 billion, PKR 23.3 billion and PKR 24.4 billion for 3 year PIB, 5 year PIB and 10 year PIB in today auction, respectively with total bids of PKR 72.5 billion.
Investors demand rate in a range of 16.24 percent to 18.99 percent for a 3 year PIB against all time high cut off yield of 14.25 percent.
For 5 year PIB, investors demand return in a range of 15.15 percent to 18.76 percent against historic high cut off yield of 14.37 percent.
For 10 year PIB, investors demand return in a range of 15.5 percent to 18.99 percent compared with all time high cut-off yield of 14.94 percent.