Circulars/Notifications - Exchange and Debt Management Department  
 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.

The bid format is enclosed.

Sd/-

(Muhammad Arif)
J. Joint Director

 
Endst. No. EDMD/ /3(169)/03

Copy forwarded for information to:

  1. P.S.O. to the Governor, State Bank of Pakistan, Karachi
  2. P.A. to the Deputy Governor (Management), State Bank of Pakistan, Karachi.
  3. P.A. to the Deputy Governor (Banking & Foreign Exchange), State Bank of Pakistan, Karachi.
  4. P.A. to the Chief Economic Advisor, Executive Directors, Economic Advisor and all Advisors SBP; Karachi
  5. The Managing Director, State Bank of Pakistan Banking Services Corporation (Bank), Karachi.
  6. All Heads of Departments, State Bank of Pakistan, Karachi.
  7. The Chief Manager, State Bank Of Pakistan BSC (Bank), Karachi
  8. The Chief Manager, State Bank Of Pakistan BSC (Bank), Lahore.
  9. The Chief Spokesman, Corporate& Media Affairs Department, State Bank of Pakistan, Karachi

EDMO
       
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