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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
corporate
USD 3 3 000 000 000
sovereign
PKR 35 3 109 917 298 000
USD 8 7 300 000 000

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, PIB 8 12Jul2023 5Y - Domestic bonds 8% 15 918 000 000  PKR 08/08/2018 07/12/2023
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
Pakistan, PIB 7.75 23mar2022 5Y - Domestic bonds 7.75% 1 053 450 000  PKR 03/22/2017 03/23/2022
Pakistan, PIB 8.75 23mar2027 10Y - Domestic bonds 8.75% 1 229 265 000  PKR 03/22/2017 03/23/2027
Pakistan, PIB 7 27jan2020 3Y - Domestic bonds 7% 28 985 767 000  PKR 01/25/2017 01/27/2020
Pakistan, PIB 7.75 27jan2022 5Y - Domestic bonds 7.75% 10 409 659 000  PKR 01/25/2017 01/27/2022
Pakistan, PIB 8.75 27jan2027 10Y - Domestic bonds 8.75% 1 061 000  PKR 01/25/2017 01/27/2027
Pakistan, PIB 7.75 29dec2021 5Y - Domestic bonds 7.75% 44 385 526 000  PKR 12/29/2016 12/29/2021

World Bond market statistics

Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of emerging countries
Pakistani international bonds, USD bln 8.300 8.300 5.800 5.800 6.600 6.600 4.600
BIS net issues of international-bond market of emerging countries
International-bond net issue of Pakistan, USD bln 0.000 2.500 0.000 -0.800   2.000  

New issues of Emerging markets International Bonds

Yearly indices

Type 2017 2016 2015 2014
Annual new International Bonds issues (Asia)
Annual new issues of Pakistan sovereign international bonds, USD bln 2.500 1.000 0.500 3.000
Annual new issues of Pakistan corporate international bonds, USD bln 0.000 0.000 0.000 0.000
Annual new issues of Pakistan corporate international bonds, (financial sector) USD bln 0.000 0.000 0.000 0.000
Annual new issues of Pakistan corporate international bonds, (non-financial sector) USD bln 0.000 0.000 0.000 0.000

Emerging Markets International Bonds

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Volume of Asian International Bonds Markets
Pakistan international bonds, USD bln 7.300 7.300 7.300 7.300 7.300 7.300 7.300
Pakistan corporate international bonds, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Pakistan sovereign international bonds, USD bln 7.300 7.300 7.300 7.300 7.300 7.300 7.300
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Currencies

Daily indices

Type: 11/16/2018 11/15/2018 11/14/2018 11/13/2018 11/12/2018 11/09/2018 11/08/2018
Exchange Rates (Emerging Markets)
USD/PKR 133.8817 134.4127 134.4506 134.3395 133.8465 133.9957 133.6215
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Macroeconomic Indicators (World economy)

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Pakistan) 7.00 5.12 5.84 5.83 5.21 4.19 3.68
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Yearly indices

Type 2017 2016 2015
Government Debt to GDP (World), %
Government Debt to GDP(Pakistan) 67.20 66.50 63.20

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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