Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Tuesday (May 24, 2005).
DAILY MONEY MARKET COMMENTS: Today morning the money market rates were indicated between the bids and offer range of 3.50% - 4.50%. As the day progressed, the gap between bids and offers narrowed down and first repo deal was witnessed at the level of 4.00%. SBP conducted OMO for 2 days and 16 days and mopped up Rs 8.50 billion @ 6.69% in 16 days against the total participation of Rs 8 billion and rejected 2 days OMO with a total participation of Rs 1 billion. Just after the OMO result first repo deal was witnessed at the level of 6.00%.
Few repo deals were seen at the level 5.50%. Most of the overnight repo deals were done in between the range of 5.00% - 6.00%. However in clean & call placements the overnight interest rates were 6.00% - 6.50%. At the end of the day the interbank overnight rates were seen at the levels of 6.25% - 6.50% and closed at the same levels.

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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   3.50       6.00       4.00        6.50           5.00

1-Week      5.50       6.00       6.00        6.50           6.00

2-Week      5.75       6.25       6.25        6.75           6.25

1-Month     6.50       6.75       7.00        7.25           6.88

2-Months    7.25       7.50       7.75        8.00           7.63

3-Months    7.50       7.75       8.00        8.25           7.88

4-Months    7.75       8.00       8.25        8.50           8.13

5-Months    8.00       8.25       8.50        8.75           8.38

6-Months    8.15       8.40       8.70        8.90           8.54

9-Months    8.25       8.50       8.75        9.00           8.63

1-Year      8.25       8.60       8.85        9.00           8.68

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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   4.00       6.25       4.50        7.00           5.44

1-Week      6.00       6.25       6.50        6.75           6.38

2-Week      6.25       6.75       6.50        7.00           6.63

1-Month     6.75       7.00       7.25        7.50           7.13

2-Months    7.50       7.75       8.00        8.25           7.88

3-Months    8.00       8.25       8.50        8.75           8.38

4-Months    8.25       8.50       8.75        9.00           8.63

5-Months    8.50       8.75       9.00        9.25           8.88

6-Months    8.60       8.85       9.15        9.35           8.99

9-Months    8.50       8.75       9.25        9.50           9.00

1-Year      8.75       9.00       9.25        9.50           9.13

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PIB Secondary Market Data

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Maturity         Yield      Range

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0.1-0.5  Years    8.00       8.25

0.6-1.0  Years    8.25       8.50

1.1-1.5  Years    8.50       8.75

1.6-2.0  Years    8.80       9.15

2.1-2.5  Years    8.90       9.20

2.6-3.0  Years    9.00       9.20

3.1-3.5  Years    9.10       9.30

3.6-4.0  Years    9.30       9.50

4.1-4.5  Years    9.40       9.60

4.6-5.0  Years    9.50       9.70

5.6-6.0  Years    9.90      10.05

6.1-6.5  Years    9.95      10.15

6.6-7.0  Years   10.00      10.35

7.1-7.5  Years   10.15      10.25

7.6-8.0  Years   10.20      10.30

8.1-8.5  Years   10.15      10.35

8.6-9.0  Years   10.10      10.20

15 Years         11.25      11.50

20 Years         12.25      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   8.10         8.35

0.6-1.0 Years   8.35         8.60

1.1-1.5 Years   8.60         8.85

1.6-2.0 Years   8.90         9.25

2.1-2.5 Years   9.00         9.30

2.6-3.0 Years   9.10         9.30

3.1-3.5 Years   9.20         9.40

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Clean Deposit Market

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Tenor          Range      (% p a)

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1 Month         8.75         9.75

3 Months        9.25        10.00

6 Months        9.50        10.50

12 Months      10.00        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                5.25-5.60

8-15 Days               5.70-6.20

16-30 Days              7.00-7.30

31-60 Days              7.30-7.50

61-90 Days              7.60-7.85

91-120 Days             7.70-7.90

121-180 Days            7.80-8.00

181-270 Days            8.05-8.20

271-365 Days            8.25-8.50

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Kerb Market FX Rate

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Currency        Bid         Offer

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USD            60.55        60.65

EUR            76.50        76.80

GBP           111.60       111.80

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