The government on Wednesday raised Rs96.88 billion through the auction of Pakistan Investment Bonds (PIBs) at slightly reduced cut-off yields. The cut-off yield for three-year bonds was reduced by just one basis point to 16.64 per cent, for five-year PIBs by 3bps to 15.45pc and for 10-year bonds by 5bps to 14.29pc. The government borrowing through PIBs was well below the target of Rs190bn.