Pakistan Investment Bonds (PIBs) are long-term debt securities issued by the State Bank of Pakistan on behalf of the federal government. PIBs are issued in tenors of 3, 5, 10, 15, 20, and 30 years, with profit paid semiannually. The State Bank, Securities and Exchange Commission of Pakistan, and Ministry of Finance determine the coupon rates. Primary dealers bid through auctions to purchase the bonds and are paid a commission on successful bids.