KARACHI: The State Bank of Pakistan (SBP) has issued auction calendar, according to which the government will raise Rs1.5 trillion through auctions of Pakistan Investment Bonds (PIBs) and Market Treasury Bills (MTBs) of different maturities in March-May.
According to the auction calendar, the government will raise Rs1.375 trillion via seven MTB auctions in March-May, two auctions will take place in March and May each, while three auctions will be held in April.
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The MTB target for each auction ranges from a maximum of Rs300 billion (to be held on April 29 and May 13) to a minimum of Rs75 billion (to be held on March 4).
The government aims to borrow a total of Rs150 billion in March-May through PIBs of three, five, 10 and 20 years of maturity. The target for the three auctions – to be held on March 25, April 22 and May 10 – is Rs50 billion each.
Tenders for the sale of PIBs are invited by the SBP from primary dealers on each respective auction date through Bloomberg Online Auction. Primary dealers form a select group of 11 banking institutions for 2014-15 that participate in the trading of government papers in the primary market by bidding in the SBP auctions.
