UPDATE 1-Pakistan 10-year PIB cut-off yield at 11.4494

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KARACHI, March 29 (Reuters) - Pakistan's central bank set a cut-off yield at 11.4494 percent on the government's benchmark 10-year investment bond at an auction on Saturday.

The yield was higher than the cut-off yield of 10.8503 percent set at the previous auction on Jan. 29.

The State Bank of Pakistan also set a cut-off yield of 11.9893 percent on the 15-year Pakistan Investment Bond (PIB), up from 11.7452 percent in previous auction.

For the five and three-year bonds, the cut-off yield was set at 10.7995 and 10.6044 percent, respectively.

In the last auction, the cut-off yields on the five and three-year PIB's were set at 10.2486 and 10.0499 percent respectively.

The central bank also set cut-off yields at 12.1296 percent and 12.4938 percent for the 20- and 30-year PIBs, compared with 11.9493 and 12.1105 percent set in the last auction.

"Cut-off yields were increased and this was according to market expectations," said a brokerage dealer.

The central bank said it sold a total of 4.51 billion rupees ($72 million) worth of PIBs, after receiving bids worth of 11.66 billion rupees. It had set a combined pre-auction target of 20 billion rupees.