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FINEX WEEK

  1. The KASB review
  2. Finex week

Updated on August 15, 1999

Short Term

The short term market was under pressure throughout the early parts of the week. Heavy maturities at the end of last week and on Monday was the major reason for this. Overnight trades till Thursday were conducted between 2.00% and 3.50%. One week levels were quoted at 4.00% and 5.50% but activity in this tenor was minimal. Only upon the outflow of Rs. 11.40 billion on account of the OMO did rates rise sharply and cross into double digits but this was only for two day before offers fell back to 1.00% on Saturday as the market witnessed another OMO inflow to the tune of approximately Rs. 14.1 billion.

Medium Term

Term levels kept sliding the past week due to heavy maturities during the week. The one month tenor which had already fallen off last week remained around 4.00%. However rates rose sharply before the OMO with bids touching 4.75% and offers at 5.25%. Moderate amounts traded at 5.25% for two months while trades in the three month tenor were conducted at 5.75%. The acceptance in the OMO did not come as much surprise for the market but cut-off of 7.00% in the three month tenor did cause some kind of a stir. SBP only focused on bids in three month and rejected all bids received in the five month tenor and for the outright sale of T-Bills. Interest in sax month was present with trades in the band of 6.50% and 7.00% with rates remaining unchanged even after the OMO.

Long Term

Interest in FIBs prevails in the market with concentration being in papers with maturities of 3 years. Buyers are looking at yields of close to 12.75%.

 

Repo Rates

                                       This Week 1    Wle Avo    1 Yr. Ago

Overnight

01.25

01.50

05.00

1 Week

02.50

02.00

02.75

1 Month

04.50

03.65

06.75

3 Month

05.70

05.60

12.35

6 Month

06.70

06.35

13.65

1 Year

09.00

09.00

N. A.

 

                                           This Week 1 Wle Avo 1 Yr. Ago

1 Month

05.25

04.50

09.25

2 Month

05.75

05.00

11.00

3 Month

06.25

05.75

13.25

4 Month

06.50

06.10

13.50

5 Month

06.75

06.50

13.75

 

Federal Investment Bond

                                   This Week       1 Wk Ago     1 Yr. Ago

1 Year

09.00

09.00

15.75%

2 Year

12.00

12.00

16.00%

3 Year

12.75

12.75

16.00%

4 Year

13.00

13.25

16.00%

5 Year

13.50

13.25

16.25%

10 Year

14.00

14.00

16.75%

 

Bid Date Instrument Result Settlement

Jul 21 T-BILL Jul 21 Jul 22

 

Target Amount Bid Amount Accented Amount

Rs. 5.80 Bln. Rs.35.219 Bin Rs.6.960 Bln.

 

Instrument Date Amount

T-Bill

01 Aug 10,730 Mln

T-Bill

06 Aug 2,500 Mln

T-Bill

15 Aug 9,408 Mln

FIB 05

16 Aug, 265 Mln

FIB 03

29 Aug 265 Mln