Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Saturday (April 01, 2006).
DAILY MONEY MARKET COMMENTS: The money market overnight rates remained at an apex with a few early trades seen as high as 8.90%. However, State Bank of Pakistan announced an OMO for a tenure of four days making a little pressure on lenders.
Most of the trades were seen in the vicinity of 8.50% prior to OMO result but after an injection of Rs 9.60 bln @ 8.26% against the participation of Rs 26.65 bln overnight rates plunged to the higher note.
Finally, at closing time overnight rates remained as high as 8.90% with a few punters. At the end of the day SBP covers the discounting of Rs 420 mln.
Keeping in view today's interbank market we assume that on Monday the overnight repo rates would remain within the band of 8.50-8.90%.

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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       8.50        8.90           8.58

1-Week      8.25       8.40       8.50        8.60           8.44

2-Week      8.20       8.35       8.30        8.45           8.33

1-Month     8.25       8.40       8.35        8.50           8.38

2-Months    8.20       8.40       8.30        8.40           8.33

3-Months    8.25       8.40       8.40        8.50           8.39

4-Months    8.25       8.40       8.40        8.50           8.39

5-Months    8.30       8.50       8.45        8.60           8.46

6-Months    8.40       8.60       8.50        8.65           8.54

9-Months    8.40       8.70       8.60        8.75           8.61

1-Year      8.60       8.80       8.75        8.90           8.76

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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   8.50       9.25       8.75        9.50           9.00

1-Week      8.75       9.00       9.00        9.25           9.00

2-Week      8.50       8.90       9.00        9.25           8.91

1-Month     8.75       9.10       9.00        9.40           9.06

2-Months    8.80       9.40       9.10        9.60           9.25

3-Months    8.90       9.40       9.10        9.60           9.25

4-Months    9.00       9.50       9.25        9.75           9.38

5-Months    9.10       9.60       9.35        9.80           9.46

6-Months    9.25       9.60       9.35        9.80           9.50

9-Months    9.50      10.00       9.80       10.25           9.89

1-Year      9.60      10.00       9.80       10.25           9.91

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PIB Secondary Market Data

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Maturity         Yield      Range

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0.1-0.5 Years     8.45       8.60

0.6-1.0 Years     8.75       8.85

1.1-1.5 Years     8.90       9.05

1.6-2.0 Years     9.00       9.10

2.1-2.5 Years     9.05       9.15

2.6-3.0 Years     9.10       9.20

3.1-3.5 Years     9.15       9.25

3.6-4.0 Years     9.15       9.30

4.1-4.5 Years     9.15       9.25

4.6-5.0 Years     9.20       9.30

5.1-5.5 Years     9.25       9.30

5.6-6.0 Years     9.25       9.35

6.1-6.5 Years     9.25       9.40

6.6-7.0 Years     9.30       9.40

7.1-7.5 Years     9.30       9.45

7.6-8.0 Years     9.40       9.55

8.1-8.5 Years     9.35       9.50

8.6-9.0 Years     9.30       9.40

15 Years         10.50      10.75

20 Years         11.00      11.50

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FIB Secondary Market Data

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Maturity       Yield        Range

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0.1-0.5 Years   8.10         8.30

0.6-1.0 Years   8.45         8.80

1.1-1.5 Years   9.00         9.20

1.6-2.0 Years   9.10         9.25

2.1-2.5 Years   9.15         9.25

2.6-3.0 Years   9.20         9.30

3.1-3.5 Years   9.25         9.35

3.6-4.0 Years      -            -

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Clean Deposit Market

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Tenor          Range      (% p a)

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1 Month         9.25         9.75

3 Months        9.75        10.00

6 Months       10.00        10.50

12 Months      10.25        11.00

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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                8.35-8.70

8-15 Days               8.25-8.50

16-30 Days              8.00-8.15

31-60 Days              8.20-8.40

61-90 Days              8.30-8.40

91-120 Days             8.35-8.45

121-180 Days            8.35-8.50

181-270 Days            8.65-8.75

271-365 Days            8.75-8.78

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Kerb Market FX Rate

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Currency        Bid         Offer

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USD            60.20        60.30

EUR            72.70        72.90

GBP           104.40       104.80

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