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Updated on Nov 08, 1999
The interbank overnight
market remained at the higher end of the spectrum throughout the early part of the past
week. Trades were conducted between 12.50% and 12.95% with banks having to approach the
SBP repo window where according to unconfirmed reports Rs. 20 billion was discounted on
Thursday. However this was only due to the mismatch of the settlement and the maturity
dates of the T-Bill auction. Dealers were caught by surprise when the market went short by
another Rs. 5 bln even with a net inflow of approximately Rs. 8 bln with trades between
11.00% and 12.90%, on Friday. Levels eased off on Saturday with the market closing at
around 9.00% but not before trades were conducted at 12.75%. The one month market moved
between a wide band of 6.75% and 9.00% during the week with trades around 7.25% early in
the week while at 9.00% at the close on Saturday. Three month tenor rates were however
within 8.50% and 9.25% with deals being conducted around 8.70%. Later the hike in these
levels was only witnessed on Saturday as bids touched 9.00%. The State Bank managed to
pick up a sizeable amount while keeping the cut-off levels relatively unchanged as
follows; the levels for the 3, 6 and 12 month papers were 8.87%, 10.36% and 10.99%,
respectively with a total amount of Rs. 28.375 bln being picked up. Another T-Bill
maturity of Rs. 3.55 bln on the 10th is expected to keep overnight rates under pressure.
However, with already Rs. 12.20 billion of the newly issued prize bonds being purchased
till 31st Oct. further outflows from the system on the same account could also keep short
term rates in double digits.
|
FEDERAL INVESTMENT BONDS |
| |
THIS WEEK |
1 WK AGO |
1 YR AGO |
| 1 Year |
10.70 |
10.15 |
13.00% |
| 2 Year |
11.00 |
11.75 |
13.75% |
| 3 Year |
13.00 |
12.50 |
14.25% |
| 4 Year |
13.25 |
12.75 |
14.50% |
| 5 Year |
13.75 |
13.00 |
15.00% |
| 10 Year |
14.25 |
14.00 |
16.00% |
| AUCTIONS |
| Bid Date |
Instrument |
Result |
Settlement |
| Nov 03 |
T-BILL |
Nov 03 |
Nov 04 |
Amount
Asked |
Bid
Amount |
1 Year
Ago |
| Rs.29.9
Bln. |
Rs.40.150 Bln |
Rs.28.375 |
| MATURITIES |
| Instrument |
Data |
Amount |
| T-Bills |
05 Nov |
26,420 Mln |
| T-Bills |
10 Nov |
3,550 Mln |
| T-Bills |
17 Nov |
5,000 Mln |
| T-Bills |
26 Nov |
800 Mln |
REPO RATES |
|
This Week |
1 Wk Ago |
1 Yr. Ago |
| Overnight |
08.50 |
12.90 |
03.50 |
| 1 Week |
07.00 |
11.00 |
02.50 |
| 1 Month |
08.35 |
07.65 |
05.50 |
| 3 Month |
08.70 |
08.85 |
07.75 |
| 6 Month |
09.70 |
09.65 |
10.25 |
| 1 Year |
10.70 |
10.15 |
N. A. |
| TREASURY
BILL RATES |
| Maturing |
This Week |
1 Wk Ago |
1 Yr Ago |
| 1 Month |
09.00 |
08.25 |
06.00 |
| 2 Month |
09.10 |
08.50 |
07.00 |
| 3 Month |
09.15 |
09.00 |
08.50 |
| 4 Month |
09.25 |
09.25 |
09.50 |
| 5 Month |
09.50 |
09.45 |
10.50 |
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