Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Friday (May 06, 2005).
DAILY MONEY MARKET COMMENTS: Today morning the money market rates were indicated between the bids and offer range of 8.00% - 8.90%. As the day progressed, the gap between bids and offers narrowed down and first repo deal was witnessed at the level of 8.50%. Most of the overnight repo deals were done at the level of 8.90%. There are very few banks who borrowed in overnight repo at 8.50% - 8.75%.
However in clean & call placements the overnight interest rates were 9.75% - 10.50%. At the end of the day in the interbank market there were plenty of banks bidding at 8.90% and there were no offers available which resulted discounting of Rs 10.16 billion.
Keeping in view today's money market we believe that tomorrow money market will remain at 8.00% - 8.90% levels because there is no inflow or outflow from the market.

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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   8.00       8.90       8.75        8.90           8.64

1-Week      7.25       8.00       8.00        8.25           7.88

2-Week      7.25       7.50       7.75        8.00           7.63

1-Month     6.50       6.75       7.00        7.25           6.88

2-Months    6.75       7.00       7.25        7.50           7.13

3-Months    6.75       7.00       7.25        7.50           7.13

4-Months    7.00       7.25       7.50        7.75           7.38

5-Months    7.25       7.40       7.75        8.00           7.60

6-Months    7.50       7.75       8.00        8.25           7.88

9-Months    7.75       8.00       8.25        8.50           8.13

1-Year      8.00       8.25       8.50        8.75           8.38

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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   9.00       9.90       9.75        9.90           9.64

1-Week      7.50       8.00       8.25        8.50           8.06

2-Week      7.25       7.75       8.00        8.25           7.81

1-Months    6.75       7.00       7.50        7.75           7.25

2-Months    6.75       7.00       7.25        7.85           7.21

3-Months    7.00       7.50       7.75        8.00           7.56

4-Months    7.40       7.60       8.00        8.25           7.81

5-Months    7.75       8.00       8.25        8.50           8.13

6-Months    8.00       8.25       8.50        9.00           8.44

9-Months    8.25       8.40       8.75        9.15           8.64

1-Year      8.75       9.00       9.50        9.75           9.25

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PIB Secondary Market Data

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Maturity         Yield      Range

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0.1-0.5  Years    7.55       7.90

0.6-1.0  Years    7.75       8.15

1.1-1.5  Years    8.20       8.40

1.6-2.0  Years    8.45       8.65

2.1-2.5  Years    8.60       8.80

2.6-3.0  Years    8.80       9.10

3.1-3.5  Years    8.90       9.15

3.6-4.0  Years    9.00       9.25

4.1-4.5  Years    9.15       9.40

4.6-5.0  Years    9.25       9.45

5.6-6.0  Years    9.70       9.85

6.1-6.5  Years    9.80       9.95

6.6-7.0  Years    9.90      10.05

7.1-7.5  Years    9.95      10.15

7.6-8.0  Years   10.00      10.30

8.1-8.5  Years   10.10      10.40

8.6-9.0  Years   10.15      10.40

15 Years         11.00      11.50

20 Years         12.00      12.50

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FIB Secondary Market Data

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Maturity       Yield        Range

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0.1-0.5 Years   7.65         8.00

0.6-1.0 Years   7.85         8.25

1.1-1.5 Years   8.30         8.50

1.6-2.0 Years   8.55         8.75

2.1-2.5 Years   8.70         8.90

2.6-3.0 Years   8.90         9.20

3.1-3.5 Years   9.00         9.25

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Clean Deposit Market

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Tenor          Range      (% p a)

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01 Month        7.75         8.25

03 Months       8.00         8.75

06 Months       8.75         9.50

12 Months       9.25        10.00

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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                7.65-8.00

8-15 Days               7.00-7.50

16-30 Days              6.75-7.25

31-60 Days              6.50-6.65

61-90 Days              6.65-6.80

91-120 Days             6.90-7.10

121-180 Days            7.40-7.75

181-270 Days            7.50-7.80

271-365 Days            7.60-8.00

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Kerb Market FX Rate

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Currency        Bid         Offer

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USD            59.97        60.03

EUR            77.70        77.90

GBP           114.10       114.35

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