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
corporate
USD 2 2 000 000 000
sovereign
PKR 38 4 058 338 198 000
USD 6 4 800 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** 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, 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, 7.25% 15apr2019, USD - International bonds XS1056560763 7.25% 1 000 000 000  USD 04/08/2014 04/15/2019
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

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Pakistani international bonds, USD bln 6.600 6.600 4.600 4.600 4.600 5.100 5.100
BIS net issues of international-bond market of emerging countries
International-bond net issue of Pakistan, USD bln   2.000     -0.500 0.000 0.500

Currencies

Daily indices

Type: 07/05/2017 07/04/2017 07/03/2017 06/30/2017 06/29/2017 06/28/2017 06/27/2017
Exchange Rates (Emerging Markets)
USD/PKR 108.1230 104.8550 104.8810 104.9000 104.8020 104.7700 104.8190
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JP Morgan

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
EMBI Global (publication was suspended since 30.10.2013) 
EMBI Global Pakistan * * * * * * *
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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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150 000
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170
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150 000
issues: local and international bonds
170
countries
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