KARACHI: The State Bank of Pakistan (SBP) will hold auctions for Pakistan Investment Bonds (PIBs) and market treasury bills (MTBs) of different maturities amounting to a total of Rs1.395 trillion in the second quarter of 2014-15.
According to the auction calendar released by the SBP on Wednesday, the government will raise Rs1.245 trillion via seven MTB auctions from October to December. First three auctions will take place in October followed by two auctions in November and December each.
The target for each auction ranges from a maximum of Rs260 billion (to be held in November) to a minimum of Rs150 billion (to be held on December 24).
The government aims to borrow a total of Rs150 billion in the second quarter of 2014-15 through PIBs of three, five, 10 and 20-year maturity. The target for the three auctions to be held in October, November and December is Rs50 billion each.
Meanwhile, the government raised a little over Rs36 billion in the first MTB auction of the quarter on Wednesday against the target of Rs150 billion.
Banks invested Rs31.3 billion in three-month MTBs while six-month bills received Rs4.7 billion. No bids were offered for 12-month bills.
Published in The Express Tribune, October 2nd, 2014.
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