|
This ease in rates was mainly because of the heavy
inflow which a state run bank had received on account of payments made
for United Bank privatization and secondly another factor that eased the
market was that the State Bank purchased dollar from the interbank. As
overnight rates were on the higher side initially, due to which activity
in one and two weeks were witnessed around 7.00% and 6.50% but later on
deals were struck as low as 3.00% and 4.00% in the respected tenor.
Rates in one months saw fall of around 100 to 120 basis points and deals
were executed around 5.00%. Long term market also eased but, no
aggressive borrowing was evident as banks are avoiding long term
borrowing. Bids for three and six months were quoted at 5.40% and 5.70%
against the offers of 5.80% and 6.10%. As the market is flooded with
liquidity heavy demand for the T-bills was seen and activity in near one
year to maturity paper was witnessed in the range of 6.50% to 6.35% and
deals in six months paper was seen in the band of 6.00% to 6.10%. SBP
has announced target of Rs. 7.00 billion for PIB three and five years
which is due to be auctioned on 23rd of September and aggressive
participation is expected.
| YIELD PROFILE |
FEDERAL INVESTMENT BONDS |
| . |
THIS
WEEK |
1
WEEK AGO |
1
YEAR AGO |
|
1 Year |
06.65 |
06.75 |
11.00% |
|
2 Year |
07.20 |
07.25 |
11.50% |
|
3 Year |
07.50 |
07.40 |
12.00% |
|
4 Year |
08.00 |
08.00 |
12.00% |
|
5 Year |
08.28 |
08.40 |
12.50% |
|
10 Year |
09.45 |
09.45 |
13.00% |
| AUCTIONS |
| BID
DATE |
INSTRUMENT |
RESULT |
SETTLEMENT |
| Sep
04 |
T-BILL |
Sep
04
|
Sep
05 |
| TARGET AMOUNT |
BID
AMOUNT |
ACCEPTED AMOUNT |
| Rs.6,000
Mln. |
Rs.60,230 Mln. |
Rs.17,625
Mln. |
| MATURITIES |
INSTRUMENT |
DATE |
AMOUNT |
|
T-Bill |
05
Sep
|
5,800 Mln. |
|
T-Bill |
19
Sep
|
16,181 Mln. |
REPO RATES |
|
THIS WEEK |
1 WEEK AGO |
1 YEAR AGO |
|
Overnight |
01.00 |
08.25 |
05.75 |
|
1 Week |
02.75 |
07.25 |
07.25 |
|
1 Month |
04.80 |
06.15 |
09.45 |
|
3 Month |
05.60 |
06.00 |
09.70 |
|
6 Month |
05.90 |
06.15 |
10.00 |
|
1 Year |
06.40 |
06.65 |
10.55 |
| TREASURY
BILL RATES |
| MATURING |
THIS WEEK |
1 WEEK AGO |
1 YEAR AGO |
|
1 Month |
05.10 |
06.50 |
10.45 |
|
2 Month |
05.40 |
06.35 |
09.90 |
|
3 Month |
05.60 |
06.10 |
09.80 |
|
4 Month |
05.75 |
06.20 |
10.10 |
|
5 Month |
05.85 |
06.25 |
10.20 |
|
|
