ISLAMABAD: The State Bank of Pakistan (SBP) on Wednesday received US $1.0 bn proceeds of the government’s tap offering of its recently issued Euro Bond. According to a tweet of the central bank, the SBP’s foreign exchange reserves as on July 13, 2021 had reached US $18.2 bn, the highest level since January 2017. The bond was subscribed in excess of $3bn for five, 10 and 30 years. Pakistan accepted $300m for five-year note at 5.875 percent, $400 mn for 10-year bond at 7.125pc and $300m for 30-year paper at 8.450 percent. Pakistan had adopted a programme-based approach with the registration of Global Medium-Term Note (MTN) programme, which allows it to tap the market regularly and at a short notice, Fahad Rauf, head of research at Ismail Iqbal Securities said. MTN allows continuous or intermittent fund raising from the investors through the designated or appointed dealers. Under this programme, a bond is registered only once. However, the issuer can enter the foreign markets more easily to obtain capital under the MTN.