EDMD
Circular No. 13 |
September 18, 2003 |
All
Primary Dealers/
Other Scheduled Banks/NBFI’s
Dear
Sirs,
Non-Competitive
Bids-Modus Operandi
Please
refer to our EDMD Circular No. 8 dated July 05, 2003 regarding
rules governing primary dealer system. According to its
rule D-1, non-competitive bids are set at 10% of the pre-announced
auction target of PIB in each tenor for investors other
than banks/DFIs/NBFIs through Primary Dealers. The facility
is intended to accommodate retail and small institutional
investors in Pakistan Investment Bonds.
The
following modus operandi has been laid down for tender/acceptance
of non-competitive bids:
-
The non-competitive bids will be sent to SBP separately
from the normal bids
before auction time with the name and amount of investors
without quoting
price through primary dealers.
-
Investors
will be allowed to submit one bid in a single tenor.
-
The
non-competitive bid(s) will be accepted at weighted average
yield in
each tenor.
-
In
case of over-subscription, non-competitive bids will be
accepted in order
of lowest to highest amount.
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Sd/-
(Muhammad
Arif)
J.
Joint Director
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Endst.
No. EDMD/ /3(169)/03
Copy forwarded for information to:
- P.S.O.
to the Governor, State Bank of Pakistan, Karachi
- P.A.
to the Deputy Governor (Management), State Bank of Pakistan,
Karachi.
- P.A.
to the Deputy Governor (Banking & Foreign Exchange),
State Bank of Pakistan, Karachi.
- P.A.
to the Chief Economic Advisor, Executive Directors, Economic
Advisor and all Advisors SBP; Karachi
- The
Managing Director, State Bank of Pakistan Banking Services
Corporation (Bank), Karachi.
- All
Heads of Departments, State Bank of Pakistan, Karachi.
- The
Chief Manager, State Bank Of Pakistan BSC (Bank), Karachi
- The
Chief Manager, State Bank Of Pakistan BSC (Bank), Lahore.
- The
Chief Spokesman, Corporate& Media Affairs Department,
State Bank of Pakistan, Karachi
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EDMO |
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