July 8, 2021 KARACHI: The government on Wednesday raised Rs146.4 billion through the auction of fixed rate Pakistan Investment Bonds (PIBs), which was lower than the pre-auction target of Rs150 billion. The cut-off yield on the three-year paper remained unchanged at 8.6900 percent, according to the central bank’s auction result. The yield on the five-year PIBs stood at 9.1980 percent, compared with the previous yield of 9.2000 percent. The bids for the 10, 20 and 30 years were rejected by the government. However, the yield on the 15-year paper remained at 10.4000 percent. It was rejected in the previous auction held on June 9. The central bank said it sold Rs137.4 billion worth of three-year paper and Rs5 billion of the five-year and Rs4 billion worth of 15-year paper.