Money Market Report
Money market report by Khadim Ali Shah Bukhari & Co on Wednesday (February 16, 2005).
DAILY MONEY MARKET COMMENTS: Today morning the money market rates were indicated between the bids and offers range of 0.50%-1.00%. As the day progressed, the gap between bids and offers narrowed down and the first Repo deals was witnessed at the level of 0.75%. Most of the overnight Repo deals were done at the level of 0.50%.
There are very few banks who borrowed in overnight Repo at 0.75%. However in clean & call placements the overnight interest rates were 1.50%-2.00%. At the end of the day, the interbank overnight rates were closed at 0.25%-0.50%.
SBP accepted Rs 62.925 billion @4.7441% in 3 months and Rs 100 million @ 5.4891% in 12 months in T-Bills auction conducted today against the total inflow of Rs 91.90 billion. SBP increased the cutoff yield by 41 basis points in 3 months & by 50 basis points in 12 months as compare to the last cutoff yields in respective tenors.
Keeping in view today's money market we are expecting OMO tomorrow. If SBP will not conduct OMO then money market rates will remain on the same level since there is an inflow of Rs 9190 billion against the outflow of Rs 63 billion.
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Repo Rates (Yield p a)
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Tenor Low Bid High Bid Low Offer High Offer Average
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Overnight 0.25 0.75 0.50 1.00 0.63
1-Week 1.25 1.50 1.75 2.00 1.63
2-Week 3.00 3.25 3.50 3.75 3.38
1-Month 3.25 3.50 3.80 4.20 3.69
2-Months 3.50 3.75 4.25 4.50 4.00
3-Months 4.50 5.00 4.75 5.25 4.88
4-Months 4.75 5.25 5.00 5.50 5.13
5-Months 5.00 5.50 5.60 5.75 5.46
6-Months 5.00 5.50 5.60 6.00 5.53
9-Months 5.25 5.75 6.00 6.60 5.90
1-Year 5.50 5.75 6.00 6.75 6.00
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Call Rates (Yield p a)
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Tenor Low Bid High Bid Low Offer High Offer Average
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Overnight 0.75 1.25 1.00 1.50 1.13
1-Week 1.50 1.75 1.75 2.00 1.75
2-Week 3.75 4.00 4.00 4.25 4.00
1-Month 4.25 4.50 5.00 5.25 4.75
2-Month 4.50 4.75 5.25 5.50 5.00
3-Month 5.00 5.25 5.50 6.00 5.44
4-Month 5.25 5.50 5.75 6.25 5.69
5-Month 5.50 5.75 6.25 6.50 6.00
6-Month 5.75 6.00 6.50 6.75 6.25
9-Month 6.00 6.25 6.75 7.00 6.50
1-Year 6.50 6.75 7.00 7.25 6.88
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PIB Secondary Market Data
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Maturity Yield Range
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0.1-0.5 Years 4.90 5.10
0.6-1.0 Years 5.30 5.70
1.1-1.5 Years 5.50 5.80
1.6-2.0 Years 6.15 6.25
2.1-2.5 Years 6.25 6.50
2.6-3.0 Years 6.40 6.60
3.1-3.5 Years 6.75 7.00
3.6-4.0 Years 7.10 7.20
4.1-4.5 Years 7.25 7.40
4.6-5.0 Years 7.50 7.60
5.6-6.0 Years 7.90 8.00
6.1-6.5 Years 7.95 8.10
6.6-7.0 Years 8.00 8.15
7.1-7.5 Years 8.05 8.20
7.6-8.0 Years 8.10 8.25
8.1-8.5 Years 8.15 8.30
8.6-9.0 Years 8.20 8.30
9.1-9.5 Years 8.25 8.35
9.6-10.0 Year 8.30 8.40
15 Years 9.15 9.25
20 Years 10.15 10.25
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FIB Secondary Market Data
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Maturity Yield Range
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0.1-0.5 Years 5.25 5.50
0.6-1.0 Years 5.50 5.75
1.1-1.5 Years 5.60 5.90
1.6-2.0 Years 6.25 6.50
2.1-2.5 Years 6.40 6.70
2.6-3.0 Years 6.50 6.80
3.1-3.5 Years 6.60 6.90
3.6-4.0 Years - -
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Clean Deposit Market
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Tenor Range (% p a)
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01 Month 5.50 6.00
03 Months 6.25 7.00
06 Months 6.75 7.50
12 Months 7.25 8.00
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T-Bill Secondary Market Data
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3 Months, 6 Months &
12 Months Instruments
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Days to Maturity Yield Range %
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0-7 Days 2.60-2.80
8-15 Days 3.25-3.45
16-30 Days 4.00-4.10
31-60 Days 4.35-4.50
61-90 Days 4.50-4.75
91-120 Days 4.65-4.80
121-180 Days 4.80-4.95
181-270 Days 5.00-5.15
271-365 Days 5.25-5.35
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Kerb Market FX Rate
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Currency Bid Offer
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USD 59.50 59.60
EUR 77.50 77.80
GBP 112.50 112.80
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