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Pakistan: bonds

In Pakistan, the development of money market and bond market was initiated in late 1990s after the liberalization reforms; however, Pakistan's bond market has developed at a slow pace as compared to other countries. Like other emerging markets, most of the debt financing is done through bank borrowings. According to State Bank of Pakistan (SBP) and Securities and Exchange Commission of Pakistan (SECP) the domestic bonds outstanding were 30 percent of the GDP, equivalent to PKR 5.8 trillion as of June 2012. This consists mainly of government bonds, as the corporate market is yet to develop. Government bond market gained momentum after the introduction of Pakistan Investment Bonds (PlBs) in 2000, which helped to streamline the auction of Government Securities and to develop secondary market for the Government Paper. SBP introduced selective Primary Dealer System (PD) in 2000. In 2001 KlBOR/KIBlD rates were introduced to provide inter-bank call money curve. Outstanding T-bills are roughly PKR 2.4 trillion as of June 2012 out of which banks hold 75 percent worth of short term paper. Outstanding PIB amount is PKR 974 billion, out of which 52 percent of holding are with banks.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
PKR 41 6 758 486 618 000
USD 7 6 300 000 000
corporate
PKR 5 15 000 000 000
USD 3 3 000 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Pakistan, 6.875% 5dec2027, USD - International bonds XS1729875598 6.875% 1 500 000 000  USD 11/29/2017 12/05/2027
Pakistan, 5.625% 5dec2022, USD - International bonds XS1729876059 5.625% 1 000 000 000  USD 11/29/2017 12/05/2022
Pakistan, 5.5% 13oct2021, USD - International bonds XS1501659384 5.5% 1 000 000 000  USD 10/05/2016 10/13/2021
Pakistan, 8.25% 30sep2025, USD - International bonds XS1299811486 8.25% 500 000 000  USD 09/24/2015 09/30/2025
Pakistan, 6.75% 3dec2019, USD - International bonds XS1147732553 6.75% 1 000 000 000  USD 11/26/2014 12/03/2019
Pakistan, 8.25% 15apr2024, USD - International bonds XS1056560920 8.25% 1 000 000 000  USD 04/08/2014 04/15/2024
Pakistan, 7.875% 31mar2036, USD - International bonds USY8793YAL66 7.875% 300 000 000  USD 03/30/2006 03/31/2036

Forex

Daily indices

Type: 04/24/2019 04/23/2019 04/22/2019 04/19/2019 04/18/2019 04/17/2019 04/16/2019
FOREX rates
[12597] USD/PKR 141.5901 141.6599 141.6597 141.6249 141.6598 141.6477 141.6596
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BIS

Quarterly indices

Type: III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017
BIS international bonds outstanding volume
[10337] Pakistani international bonds, USD bln 8.300 8.300 8.300 8.300 5.800 5.800 6.600
BIS new international bonds volume
[10471] International-bond net issue of Pakistan, USD bln 0.000 0.000 0.000 2.500 0.000 -0.800  

Credit Default Swaps (CDS)

Daily indices

Type: 04/24/2019 04/23/2019 04/22/2019 04/19/2019 04/18/2019
CDS Pakistan
[23813] CDS 6M Pakistan 162.5200 188.8300 191.5700 199.1400 196.2900
[23815] CDS 1Y Pakistan 211.1400 245.3900 248.1500 255.6100 252.2700
[23817] CDS 2Y Pakistan 264.0800 306.9500 307.7000 312.8200 309.9300
[23819] CDS 3Y Pakistan 316.9300 350.9600 350.9300 354.1700 351.3700
[23821] CDS 4Y Pakistan 350.3900 377.6800 377.5300 378.5900 376.2600
[23823] CDS 5Y Pakistan 390.0000 406.3800 405.2100 404.9700 402.6300
[23825] CDS 7Y Pakistan 433.6600 439.4400 438.0000 436.7600 434.3400
[23827] CDS 10Y Pakistan 451.8800 451.7900 451.0900 451.1700 448.8400
[23829] CDS 15Y Pakistan 443.1300 440.2300 439.7300 439.8900 437.8400
[23831] CDS 20Y Pakistan 444.0800 439.9900 439.6300 439.8100 437.8400
[23833] CDS 30Y Pakistan 423.7000 418.7300 418.2600 418.1900 416.4300
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International bonds outstanding volume

Monthly indices

Type: Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018
Asia international bonds outstanding volume
[21665] Pakistan international bonds, USD bln 7.300 7.300 7.300 7.300 7.300 7.300 7.300
[21703] Pakistan corporate international bonds, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
[21741] Pakistan sovereign international bonds, USD bln 7.300 7.300 7.300 7.300 7.300 7.300 7.300
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Stock exchanges and market participants indices (archive)

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
JP Morgan
[3101] EMBI Global Pakistan 572 564 582 582 581 581 635
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New international bonds volume

Yearly indices

Type: 2018 2017 2016 2015 2014
Asia new international bonds volume
[19473] Annual new issues of Pakistan sovereign international bonds, USD bln 0.000 2.500 1.000 0.500 3.000
[19511] Annual new issues of Pakistan corporate international bonds, USD bln 0.000 0.000 0.000 0.000 0.000
[19549] Annual new issues of Pakistan corporate international bonds, (financial sector) USD bln 0.000 0.000 0.000 0.000 0.000
[19587] Annual new issues of Pakistan corporate international bonds, (non-financial sector) USD bln 0.000 0.000 0.000 0.000 0.000

Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Pakistan, 6.75% 3dec2019, USD   USD 12/03/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Pakistan, 6.875% 1jun2017, USD   USD 06/01/2017 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.**
Pakistan, 7.25% 15apr2019, USD   USD 04/15/2019 05/18/2016 ***.** *.* 05/18/2016 ***.* *.**
Pakistan, 7.875% 31mar2036, USD   USD 03/31/2036 05/18/2016 **.* *.** 05/18/2016 **.** *.**
Pakistan, 8.25% 15apr2024, USD   USD 04/15/2024 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Pakistan, 8.25% 30sep2025, USD   USD 09/30/2025 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
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