KARACHI, May 22: The government raised Rs37 billion through auction of Pakistan Investment Bonds on Wednesday.

Despite offering of a large amount by investors, the government remained within its need while it rejected bids for PIBs for 20 years maturity.

The amount offered by the investors was more than 97.9bn.

The State Bank reported that the PIBs of three-year maturity were sold for Rs16.6bn and PIBs of five-year maturity were sold for Rs10.8bn while for 10-year maturity, Rs9.8 billion were raised.

The cut-off yield for three, five and 10 years was 10.04pc, 10.43pc and 11.09pc per annum respectively.

Market experts said the amount raised through PIBs was more than the target set in the auction calendar.

According to the PIB auction calendar, the auction amount for PIBs was set as Rs25bn.