FINEX WEEK

 

 

By SHABBIR H. KAZMI
Updated Aug 09, 2003

 

Last Monday, the State Bank mopped up surplus liquidity from the inter-bank market accepting Rs.8.00 billion for two weeks at 0.74% against a maturity of Rs.19.0 billion from the one-week OMO conducted the week before. This OMO was insufficient to drain excess liquidity and rates remained on the lower range throughout the week.Overnight funds were traded between 0.25% and 0.30% while one and two-week trades were closed at 0.45%. One-month trades took place at 0.50% and 0.60% while three and six-month tenors were not as active with the three-month trading at around 0.70% and six-month at 1.00%.

 

 

Treasury Bill auction for three and twelve-month papers were also held where the SBP accepted a total of Rs.51.950 billion against the target of Rs.45.00 billion. A T-bill of Rs.44.625 billion also matured on the same date. The break-up of accepted amount was Rs.10.250 billion in the three-month tenor at the cut-off yield of 1.0890% and Rs.41.70 billion in the one-year tenor at the cut-off yield of 1.4238%. Hence, a downward adjustment of 57 and 75 basis points in the three-month and one-year T-bill yield, respectively.The 10-Year PIB issue of 30th June 2003 was the most active script during the week and trades were seen at 4.67% at the start of the week but due to the low yielding auction and surplus liquidity in the market, the bond market closed at around 4.50%.

REPO RATES

 

THIS WEEK

1 WEEK AGO

1 YEAR AGO

Overnight

00.40

00.25

01.50

1 Week

00.40

00.40

04.50

1 Month

00.55

00.50

05.00

3 Month

00.65

00.80

05.45

6 Month

00.90

01.05

05.85

1 Year

01.20

01.45

06.45

 


 

AUCTIONS

BID DATE

INSTRUMENT

RESULT

SETTLEMENT

Aug 06 T-Bill 03 mth. Aug 06 Aug 07
Aug 06 T-Bill 12 mth. Aug 06 Aug 07

TARGET AMOUNT

BID AMOUNT

ACCEPTED AMOUNT

Rs.45,000 Mln.

Rs.95,312.2 Mln.

Rs.51,950 Mln.

 

 

 


 

MATURITIES

INSTRUMENT

DATE

AMOUNT

T-Bill

07 Aug

44,625 Mln.

T-Bill

21 Aug

22,500 Mln.


 

YIELD PROFILE

FEDERAL INVESTMENT BONDS

.

THIS WEEK

1 WEEK AGO

1 YEAR AGO

1 Month

00.80

00.80

05.50

2 Month

00.75

00.85

05.60

3 Month

00.75

00.90

05.60

4 Month

00.80

00.90

05.85

5 Month

00.85

00.95

06.00

 

 

 


 

TREASURY BILL RATES
MATURING THIS WEEK 1 WEEK AGO 1 YEAR AGO

1 Year

01.25

01.60

06.60%

2 Year

01.90

02.00

07.20%

3 Year

02.35

02.50

07.70%

4 Year

03.00

03.00

08.00%

5 Year

03.38

03.55

08.70%

10 Year

04.56

04.65

09.65%