Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Wednesday (June 22, 2005).
DAILY MONEY MARKET COMMENTS: Today morning the money market rates were indicated between the bids and offer range of 5.00% - 6.25%. As the day progressed, the gap between bids and offers narrowed down and first repo deal was witnessed at the level of 5.75%. Most of the overnight repo deals were done at the rate of 4.75%. However in clean & call placements the overnight interest rates were 4.75% - 5.25%. At the end of the day the interbank overnight rates were seen at the levels of 2.50% and closed at the same levels.
SBP conducted auction for the sale of 3,6 and 12 months treasury bills and accepted Rs 80.05 billion in total against the total participation of Rs 116 billion, Rs 2.5 billion @ 7.5147, Rs 38 billion @ 7.9869 and Rs 40 billion @ 8.4477 in 3,6 and 12 months respectively.

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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   2.75       8.00       3.25        8.50           5.63

1-Week      6.25       6.50       6.50        7.00           6.56

2-Week      7.80       8.10       8.50        8.70           8.28

1-Month     7.30       7.60       7.80        8.00           7.68

2-Months    7.25       7.30       7.50        7.75           7.45

3-Months    7.35       7.75       7.75        8.00           7.71

4-Months    7.40       7.80       7.75        8.00           7.74

5-Months    7.60       7.85       7.95        8.25           7.91

6-Months    7.75       8.00       8.30        8.50           8.14

9-Months    7.90       8.15       8.40        8.60           8.26

1-Year      8.20       8.50       8.65        9.00           8.59

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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   3.25       8.50       3.75        9.00           6.13

1-Week      6.75       7.00       7.00        7.50           7.06

2-Week      8.30       8.60       9.00        9.20           8.78

1-Month     7.80       8.10       8.10        8.50           8.13

2-Months    7.75       7.80       8.00        8.25           7.95

3-Months    7.85       8.25       8.25        8.50           8.21

4-Months    7.90       8.30       8.25        8.50           8.24

5-Months    8.10       8.35       8.50        8.75           8.43

6-Months    8.25       8.50       9.00        9.10           8.71

9-Months    8.50       8.65       8.90        9.10           8.79

1-Year      8.70       9.00       9.15        9.50           9.09

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PIB Secondary Market Data

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Maturity         Yield      Range

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0.1-0.5  Years    7.80       7.90

0.6-1.0  Years    8.00       8.15

1.1-1.5  Years    8.15       8.40

1.6-2.0  Years    8.25       8.50

2.1-2.5  Years    8.30       8.55

2.6-3.0  Years    8.40       8.60

3.1-3.5  Years    8.45       8.65

3.6-4.0  Years    8.50       8.70

4.1-4.5  Years    8.55       8.75

4.6-5.0  Years    8.60       8.80

5.1-5.5  Years    8.65       8.65

5.6-6.0  Years    8.70       8.85

6.1-6.5  Years    8.75       8.90

6.6-7.0  Years    8.80       9.00

7.1-7.5  Years    8.80       9.05

7.6-8.0  Years    8.85       9.10

8.1-8.5  Years    8.80       9.00

8.6-9.0  Years    8.90       9.15

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   7.90         8.00

0.6-1.0 Years   8.10         8.25

1.1-1.5 Years   8.25         8.50

1.6-2.0 Years   8.35         8.60

2.1-2.5 Years   8.40         8.65

2.6-3.0 Years   8.50         8.70

3.1-3.5 Years   8.55         8.75

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Clean Deposit Market

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Tenor          Range      (% p a)

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1 Month         8.50         9.00

3 Months        8.60         9.10

6 Months        9.25         9.90

12 Months       9.75        10.25

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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                5.80-6.20

8-15 Days               7.50-7.75

16-30 Days              7.35-7.55

31-60 Days              7.40-7.60

61-90 Days              7.45-7.65

91-120 Days             7.60-7.75

121-180 Days            7.80-7.95

181-270 Days            7.90-8.10

271-365 Days            8.20-8.40

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Kerb Market FX Rate

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Currency        Bid         Offer

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USD            60.70        60.80

EUR            73.50        73.80

GBP           110.25       110.50

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