State Bank of Pakistan (SBP) today released the Market Treasury Bill (MTB) and Pakistan Investment Bonds (PIB) calendar for the period between July to August, 2018. SBP has set a target to raise sums worth of Rs. 4.6 trillion from the MTB, PIB (Fixed Rate) and PIB (Floating Rate) auction.
Central Bank also revised coupon rates for the coming auctions – starting from 12 July, 2018 PIB auction – raising the rates for 3 year and 5 year PIBs by 25 basis points each.
MTB Auction Details
SBP has set a target of Rs. 4.3 trillion for a sale of Government of Pakistan Market Treasury Bills 3-months, 6-months & 12-months from Jun – Aug, 2018. The target for MTBs has been set in response to the maturing amount of Rs. 4.064 trillion.
|
Auction Date |
Settlement Date |
Maturing Amount |
Additional Requirement |
Targets (Rounded Off) |
|---|---|---|---|---|
|
6-June-18 |
7-Jun-18 |
137,337 |
162,663 |
300,000 |
|
20-June-18 |
21-Jun-18 |
23,208 |
226,792 |
250,000 |
|
4-Jul-18 |
5-Jul-18 |
1,928,891 |
-428,891 |
1,500,000 |
|
18-Jul-18 |
19-Jul-18 |
1,444,626 |
55,374 |
1,500,000 |
|
1-Aug-18 |
2-Aug-18 |
517,752 |
82,248 |
600,000 |
|
15-Aug-18 |
16-Aug-18 |
12,159 |
87,841 |
100,000 |
|
29-Aug-18 |
30-Aug-18 |
697 |
49,303 |
50,000 |
|
|
|
4,064,670 |
235,330 |
4,300,000 |
PIB (Fixed Rate) Auction Details
State Bank has also set a target to raise sums worth Rs. 150 billion from PIB Auction against maturities worth Rs. 571.583 billion with an additional requirement of Rs. 421.583 billion.
|
Start of When-issue Period |
Auction Date |
Settlement Date |
Maturing Amount (Principal + Coupon) |
Additional Requirement |
Targets (Rounded Off) |
|---|---|---|---|---|---|
|
29-May-18 |
12-Jun-18 |
13-Jun-18 |
14,841 |
35,159 |
50,000 |
|
27-Jun-18 |
11-Jul-18 |
12-Jul-18 |
510,475 |
(460,475) |
50,000 |
|
25-Jul-18 |
8-Aug-18 |
09-Aug-18 |
46,267 |
3,733 |
50,000 |
|
|
|
|
571,583 |
421,583 |
150,000 |
Keeping in view the lack of interest from investors in the 3-year and 5-year PIBs, State Bank of Pakistan issued fresh coupon rates for PIBs to be applicable from 12th July auction. However, the 13th June Auction will be held on the previous rates.
|
Coupon Rate PIB (Fixed Rate) |
||||
|---|---|---|---|---|
|
PIB Issue Date |
3 – Year |
5 – Year |
10 – Year |
20 – Year |
|
29-Dec-18 (Re-Opening) |
7.00% |
7.75% |
8.75% |
10.75% |
|
12-Jul-18 (Fresh) |
7.25% |
8.00% |
8.75% |
10.75% |
PIB (Floating Rate) Auction
|
Start of When-Issue Period |
Auction Date |
Settlement Date |
Maturing Amount(Principal +Coupon) |
Additional Requirement |
Targets (Rounded Off) |
|---|---|---|---|---|---|
|
13-Jun-18 |
27-Jun-18 |
28-Jun-18 |
– |
50,000 |
50,000 |
|
25-Jul-18 |
08-Aug-18 |
09-Aug-18 |
– |
100,000 |
100,000 |
|
|
|
|
– |
150,000 |
150,000 |
*Coupon Rate PIB (Floating Rate): Benchmark Rate plus/minus a margin decided in auction. Benchmark would be latest 6-month MTD Weighted Average Yield
State Bank of Pakistan had altered the calendar for PIB (Floating Rate) whereby it has merged the July auction – as announced in the previous PIB Calendar – with the August auction, hence increasing the total target of August auction to Rs. 100,000 compared to Rs. 50,000 of the other auctions.
