KARACHI, Aug 16: The State Bank of Pakistan invited tenders for sale of Pakistan Investment Bonds (PIBs) for 3, 5, 7, 10, 15, 20 and 30 years (fresh issue) from primary dealers on August 29.

Tenders will be received by SBP’s Director, Domestic Markets and Monetary Management Department up to 1115 hours and will be opened at 1130 hours. The result will be announced the same day.

According to a press release issued by the central bank here on Saturday, primary dealers would be required to deposit amount of accepted bids to SBP’s Chief Manager, Banking Services Corporation (Bank), Karachi on Aug 30.

The coupon rates for PIBs to be sold in the auction are 13.75 per cent for 3, 5, 7, 10, 20 and 30 years, respectively. Profit will be paid on six-monthly basis.

Target for auction is Rs20 billion (Rs2.5, 2.5, 2.5, 5.0, 2.5, 2.5 and 2.5 billion for 3, 5, 7, 10, 15, 20 and 30 year’s maturity, respectively).—PPI