State Bank of Pakistan released Auction Target Calendar for the sale of Government of Pakistan Monthly T-Bills and Pakistan Investment Bonds for the period of February to April, 2018.
MTB Auction Calendar
Auction Date | Settlement Date | Maturing Amount | Additional Requirement | Targets (Rounded Off) |
|---|---|---|---|---|
31-Jan-18 | 1-Feb-18 | 842,717 | 57,283 | 900,000 |
14-Feb-18 | 15-Feb-18 | 783,820 | 16,180 | 800,000 |
28-Feb-18 | 1-Mar-18 | 620,755 | 29,245 | 650,000 |
14-Mar-18 | 15-Mar-18 | 120,578 | 229,422 | 350,000 |
28-Mar-18 | 29-Mar-18 | 578,167 | 23,833 | 600,000 |
11-Apr-18 | 12-Apr -18 | 1,091,197 | (141,197) | 950,000 |
25-Apr-18 | 26-Apr -18 | 37,420 | 162,580 | 200,000 |
– | – | 4,072,655 | 377,345 | 4,450,000 |
PIB Auction Calendar
Start of When – Issue Period | Auction Date | Settlement Date | Maturing Amount (Principal + Coupon) | Additional Requirement | Targets (Rounded Off) |
|---|---|---|---|---|---|
07-Feb -18 | 21-Feb -18 | 22-Feb -18 | 8,082 | 41,918 | 50,000 |
07-Feb -18 | 21-Mar -18 | 22-Mar -18 | 576,748 | (476,748) | 100,000 |
04-Apr -18 | 18-Apr -18 | 19-Apr -18 | 31,400 | 68,600 | 100,000 |
– | – | – | 616,230 | (366,230) | 250,000 |
The breakup of aforementioned PIB Targets is such:
Auction Date | 3 Year | 5 Year | 10 Year | 20 Year | Total |
|---|---|---|---|---|---|
21-Feb -18 | 15,000 | 15,000 | 15,000 | 5,000 | 50,000 |
21-Mar -18 | 30,000 | 30,000 | 30,000 | 10,000 | 100,000 |
18-Apr -18 | 30,000 | 30,000 | 30,000 | 10,000 | 100,000 |
Tenor wise Coupon Rates for All Auctions | |||||
– | 7.00% | 7.75% | 8.75% | 10.75% | |
Government of Pakistan has found extremely difficult in the recent 6 months to raise funds form long term instruments. Despite a rise in the policy rate during the last Monetary Policy Announcement, the 1st MTB auction post the announcement did not reveal any change in investor sentiment, as the entire bids were concentrated in the 3 month instruments.
*The Maturing Amount column of the MTB Auction Target is expected to be revised as the maturing amount from the 31st January Auction totals Rs. 1.207 trillion, the composition of which is as follows.
Tenor | Settlement Date | Maturity Date | Total Amount |
|---|---|---|---|
3 Month | 01-Feb-18 | 26-Apr-18 | 1,170,046.22 |
6 Month | 26-Oct-17 | 26-Apr-18 | 29,601.59 |
12 Month | 27-Apr-17 | 26-Apr-18 | 7,818.50 |
