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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

Moneda Outstanding bond issues Cumulative volume
Corporativo
USD 3 3 000 000 000
Soberano
PKR 37 4 036 150 298 000
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, 6.875% 5dec2027, USD - Bonos internacionales XS1729875598 6.875% 1 500 000 000  USD 29/11/17 05/12/27
Pakistan, 5.625% 5dec2022, USD - Bonos internacionales XS1729876059 5.625% 1 000 000 000  USD 29/11/17 05/12/22
Pakistan, PIB 7 23mar2020 3Y - Bonos locales 7% 26 285 060 000  PKR 22/03/17 23/03/20
Pakistan, PIB 7.75 23mar2022 5Y - Bonos locales 7.75% 1 053 450 000  PKR 22/03/17 23/03/22
Pakistan, PIB 8.75 23mar2027 10Y - Bonos locales 8.75% 1 229 265 000  PKR 22/03/17 23/03/27
Pakistan, PIB 7 27jan2020 3Y - Bonos locales 7% 28 985 767 000  PKR 25/01/17 27/01/20
Pakistan, PIB 7.75 27jan2022 5Y - Bonos locales 7.75% 10 409 659 000  PKR 25/01/17 27/01/22
Pakistan, PIB 8.75 27jan2027 10Y - Bonos locales 8.75% 1 061 000  PKR 25/01/17 27/01/27
Pakistan, PIB 7.75 29dec2021 5Y - Bonos locales 7.75% 39 683 126 000  PKR 29/12/16 29/12/21
Pakistan, PIB 8.75 29dec2026 10Y - Bonos locales 8.75% 33 515 226 000  PKR 29/12/16 29/12/26

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: 21/02/18 20/02/18 19/02/18 16/02/18 15/02/18 14/02/18 13/02/18
Exchange Rates (Emerging Markets)
USD/PKR 110.7550 110.5690 110.5480 110.5590 110.5660 110.7890 110.5590
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Macroeconomic Indicators (World economy)

Monthly indices

Type Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Pakistan) 4.42 4.57 3.97 3.80 3.86 3.41 2.91
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Yearly indices

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

JP Morgan

Daily indices

Type: 30/10/13 29/10/13 28/10/13 25/10/13 24/10/13 23/10/13 22/10/13
EMBI Global (publication was suspended since 30.10.2013) 
EMBI Global Pakistan * * * * * * *
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Cotizaciones

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Pakistan, 6.75% 3dec2019, USD   USD 03/12/19 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Pakistan, 6.875% 1jun2017, USD   USD 01/06/17 18/05/16 ***.*** *.** 18/05/16 ***.* *.**
Pakistan, 7.25% 15apr2019, USD   USD 15/04/19 18/05/16 ***.** *.* 18/05/16 ***.* *.**
Pakistan, 7.875% 31mar2036, USD   USD 31/03/36 18/05/16 **.* *.** 18/05/16 **.** *.**
Pakistan, 8.25% 15apr2024, USD   USD 15/04/24 18/05/16 ***.** *.** 18/05/16 ***.* *.**
Pakistan, 8.25% 30sep2025, USD   USD 30/09/25 18/05/16 ***.* *.** 18/05/16 ***.** *.**
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