SBP releases TBills, PIBs calendar for upcoming quarter

MG News | February 06, 2018 at 01:08 PM GMT+05:00

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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

Amount in Rs. (Millions)
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

Amount in Rs. (Millions)
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:

Amount in Rs. (Millions)
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 1^st 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 31^st January Auction totals Rs. 1.207 trillion, the composition of which is as follows.

Amount in Rs. (Millions)
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

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