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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 34 2 906 422 594 000
USD 7 6 300 000 000
corporate
PKR 4 13 500 000 000
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, TB 26sep2019 3m - Domestic bonds PK03T2609194 0% 110 868 727 000  PKR 07/03/2019 09/26/2019
Pakistan, TB 4jun2020 12m - Domestic bonds PK12T0406206 0% 442 596 000  PKR 06/03/2019 06/04/2020
Pakistan, PIB 30may2029 10Y - Domestic bonds PK10L3005295 6M Pakistan T-bill weighted average yield + margin 25 007 000 000  PKR 05/29/2019 05/30/2029
Pakistan, TB 21nov2019 6m - Domestic bonds PK06T2111194 0% 1 669 333 000  PKR 05/22/2019 11/21/2019
Pakistan, TB 10oct2019 6m - Domestic bonds PK06T1010199 0% 625 760 000  PKR 04/10/2019 10/10/2019
Pakistan, PIB 8 12Jul2023 5Y - Domestic bonds 8% 162 497 100 000  PKR 08/08/2018 07/12/2023
Pakistan, PIB 7.25 12Jul2021 3Y - Domestic bonds 7.25% 345 235 600 000  PKR 07/11/2018 07/12/2021
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, PIB 7 23mar2020 3Y - Domestic bonds 7% 26 285 060 000  PKR 03/22/2017 03/23/2020

Свалка

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 Pakistan 572 564 582 582 581 581 635
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Forex

Daily indices

Type: 09/13/2019 09/12/2019 09/11/2019 09/10/2019 09/09/2019 09/06/2019 09/05/2019
FOREX rates
[12597] USD/PKR 156.6499 156.4406 156.4998 156.5008 156.7428 156.0000 156.6999
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Credit Default Swaps (CDS)

Daily indices

Type: 09/13/2019 09/12/2019 09/11/2019 09/10/2019 09/09/2019 09/06/2019 09/05/2019
CDS Pakistan
[23813] CDS 6M Pakistan 156.0000 156.0000 156.0000 156.0000 156.0000 156.0000 167.1300
[23815] CDS 1Y Pakistan 208.6200 208.6200 208.6200 208.6200 208.6200 208.6200 223.3100
[23817] CDS 2Y Pakistan 275.0700 275.0700 275.0700 275.0700 275.0700 275.0700 294.4800
[23819] CDS 3Y Pakistan 335.3500 335.3500 335.3500 335.3500 335.3500 335.3500 359.0100
[23821] CDS 4Y Pakistan 372.2700 372.2700 372.2700 372.2700 372.2700 372.2700 398.4900
[23823] CDS 5Y Pakistan 430.0000 430.0000 430.0000 430.0000 430.0000 430.0000 460.0000
[23825] CDS 7Y Pakistan 489.0700 489.0700 489.0700 489.0700 489.0700 489.0700 520.6800
[23827] CDS 10Y Pakistan 499.9700 499.9700 499.9700 499.9700 499.9700 499.9700 529.9900
[23829] CDS 15Y Pakistan 484.4300 484.4300 484.4300 484.4300 484.4300 484.4300 511.4200
[23831] CDS 20Y Pakistan 482.3800 482.3800 482.3800 482.3800 482.3800 482.3800 507.7600
[23833] CDS 30Y Pakistan 457.7300 457.7300 457.7300 457.7300 457.7300 457.7300 481.1600
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GDP

Yearly indices

Type: 2018 2017 2016 2015
Government debt-to-GDP (Asia, excl. Japan)
[15341] Government Debt to GDP(Pakistan) 72.50 67.20 66.50 63.20

Historical yields

Daily indices

Type: 09/13/2019 09/11/2019 09/10/2019 09/09/2019 09/06/2019 09/05/2019 09/03/2019
10Y Government Bond Yields, Asia (excl. Japan)
[24279] Pakistan 10Y YTM 13.198 12.872 12.872 12.872 12.871 12.963 13.260
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International bonds outstanding volume

Monthly indices

Type: Aug 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019
Asia international bonds outstanding volume
[21665] Pakistan international bonds, USD bln 6.300 6.300 6.300 6.300 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 6.300 6.300 6.300 6.300 7.300 7.300 7.300
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Default probability (based on CDS)

Daily indices

Type: 09/13/2019 09/12/2019 09/11/2019 09/10/2019 09/09/2019 09/06/2019 09/05/2019
Default Probability Pakistan (ICE Data Derivatives)
[23835] 6M Default Probability Pakistan 0.5600 0.5700 0.5700 0.5800 0.5900 0.6000 0.6500
[23837] 1Y Default Probability Pakistan 2.1500 2.1500 2.1600 2.1700 2.1800 2.2000 2.3600
[23839] 2Y Default Probability Pakistan 6.3900 6.4000 6.4100 6.4200 6.4300 6.4600 6.9100
[23841] 3Y Default Probability Pakistan 11.9300 11.9400 11.9500 11.9600 11.9700 12.0100 12.8200
[23843] 4Y Default Probability Pakistan 17.5600 17.5700 17.5800 17.5900 17.6000 17.6400 18.7900
[23845] 5Y Default Probability Pakistan 24.9600 24.9600 24.9700 24.9800 24.9900 25.0200 26.5700
[23847] 7Y Default Probability Pakistan 37.6000 37.5900 37.6000 37.6100 37.6100 37.6300 39.5900
[23849] 10Y Default Probability Pakistan 49.8600 49.8500 49.8500 49.8600 49.8500 49.8700 51.9400
[23851] 15Y Default Probability Pakistan 62.3300 62.3400 62.3400 62.3500 62.3600 62.3800 64.2600
[23853] 20Y Default Probability Pakistan 72.5100 72.5200 72.5300 72.5400 72.5500 72.5700 74.1600
[23855] 30Y Default Probability Pakistan 81.3700 81.4600 81.4800 81.4900 81.5600 81.6300 82.7700
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Inflation

Monthly indices

Type: Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Feb 2019 Jan 2019
Inflation (Asia, excl. Japan)
[15701] Inflation Rate (Pakistan) 11.63 10.30 8.89 9.11 8.82 8.21 7.19
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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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