Govt raises Rs131bn through PIBs

The government raised Rs131.4 billion through the auction of Pakistan Investment Bonds (PIBs) on Tuesday, further increasing domestic debt volume. Data from the State Bank shows that the government raised the highest amount, Rs115bn, through three-year PIBs against bids of Rs154.3bn, with a 16.6 per cent rate of return. The lowest amount, Rs500 million, was raised for five-year PIBs against bids of Rs45bn. The rate of return on this tenor was 15.44pc. The government raised Rs13.4bn for the benchmark 10-year tenor with a 15.25pc cut-off yield. The bids for the 10-year bonds amounted to Rs47.4bn.