Despite status Quo in the March-2022 Monetary Policy, Pakistan Investment Bonds (PIBs) Auction witnessed increase of up to 118 bps. The auction was held by the State Bank of Pakistan (SBP) on Wednesday with the target to raise PKR100bn.

The government raised a total of PKR192.8 billion through the auction of three, five, and ten-year PIBs.

Auction for 3, 5, 10 , 15, 20 and 30 year PIBs held on March 16, 2022 with settlement date of March 17, 2022. Total bids of PKR 588.89 billion was received as below:

Amount in Million

TenorFace ValueRealized AmountAccrued InterestTotal Realized AmountPrice Range
03 Years159,700.000143,466.1371,235.249144,701.38590.7317- 87.9493
05 Years259,588.900227,037.1178,183.469235,220.58688.5619- 85.9260
10 Years162,658.300128,358.1213,467.660131,825.78182.2679- 75.8033
15 Years3,460.0003,143.414151.7083,295.12193.2978- 90.3514
20 Years3,490.0003,244.428189.8293,434.25795.1875
30 YearsNO BIDS RECEIVED
Total588,897.200505,249.21713,227.915518,477.130

A total of PKR159.7bn bids for 3-year PIBs was received, PKR 259.6 bn bids for 5-year, PKR 162.7 bn bids for 10-year, PKR 3.5 billion bids each for 15-year and 20-year PIBs. However, no bids were received for 30-year bonds.

 New Cut-offPrevious Cut-offChange
3-Years11.85%10.67%1.18%
5-Years11.75%10.72%1.03%
10-Years11.74%10.85%0.89%

The cut-off yields for 3-year, 5-year, and 10-year PIBs rose by 115, 100, and 88 basis points to stand at 11.85%, 11.75%, and 11.74%, respectively.

Amount in Million

TenorFace ValueRealized AmountAccrued InterestTotal Realized AmountCut-off PriceCut-off YieldWeighted Average Yield
03 Years53,500.00048,355.015413.81248,768.82790.139811.8500%11.7223%
05 Years80,430.10070,879.5292,535.53773,415.06687.851411.7497%11.6460%
10 Years58,915.90047,729.1141,256.00948,985.12379.868711.7418%11.4990%
15 YearsBIDS REJECTED
20 YearsBIDS REJECTED
30 YearsNO BIDS RECEIVED
Total192,846.000166,963.6584,205.358171,169.016

In Competitive bidding, total amount raised in for 3-year PIBs was Rs53.5bn, Rs80.4bn for 5-year, and Rs58.9bn for 10-year PIBs. Meanwhile, government rejected bids for 15-year and 20-year PIBs.

Total amount accepted including Non-Competitive Bids stand at PKR 200.5 Billion.

Amount in Million

TenorCompetitive Bids AcceptedNon- Competitive Bids AcceptedTotal Accepted
03 Years53,500.0003,398.20056,898.200
05 Years80,430.1002,201.00082,631.100
10 Years58,915.9002,076.50060,992.400
15 YearsBids RejectedBids Rejected
20 YearsBids RejectedBids Rejected
30 YearsNo Bids ReceivedBids Rejected
Total192,846.0007,675.700200,521.700
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