KARACHI (Reuters) - State Bank of Pakistan set a cut-off yield of 12.50 percent on the governments benchmark 10-year investment bond at an auction on Wednesday. The yield was lower than the cut-off yield of 12.6303pc set at the previous auction, on May 27. The SBP also set a cut-off yield of 12.3689pc on the five-year Pakistan Investment bond (PIB), down from 12.4151pc in the previous auction. The bank set a cut-off yield of 12.2961pc for three-year bonds. For the seven-year and 15-year bonds, the cut-off yield was set at 12.4593 percent and 12.9295 percent respectively. The central bank set the cut-off yield at 13.2993 percent for its 20-year bonds, and it set the cut-off yield at 13.7493 percent for 30-year bond. The central bank said it sold a total of Rs14.95 billion ($180.9 million) worth of PIBs after receiving bids worth of Rs25.08 billion. It had set a combined pre-auction target of Rs15b. It was the first PIB auction by the govt in the 2009/10 fiscal year, which began on July 1. Pakistan has launched its first long term PIBs in December 2000 to tap institutional investment and set a benchmark for corporate bond yields. It issued a 30-year bond for the first time in December 2006.