KARACHI, Oct 9: The cut-off yields on various tenures of Pakistan Investment Bonds (PIBs) were reduced at an auction held here on Tuesday.

The State Bank brought down the yield on the benchmark 10-year PIB to 10.1897 per cent from 10.3509 per cent.

Market experts said that the change in the cut-off-yields did not reflect any major development.

A slight cut was also witnessed in the cut-off yields of 20 and 30 years bonds at 11.4103 per cent and 11.6142 per cent from 11.4016 per cent and 11.6802 per cent respectively.

The yield on 15-year bond remained unchanged at 11.1494 per cent.

The cut-off yields on five-year and three-year bonds were reduced to 9.8024 per cent and 9.6211 per cent respectively.The State Bank received bids worth Rs36.56 billion, more than double of its target, but it realised Rs15.29 billion only.