Secondary Market Trading

The Financial Markets Association of Pakistan (FMAP) in collaboration with market participants publishes multiple benchmark rates for consumption of investors and financial institutions. FMAP is a non-profit professional body of the Money Market & Foreign Exchange dealers of banks, financial institutions and brokerage houses in the country.

Details of relevant benchmark for government securities are elaborated below;

1. For MTBs and PIB-Fix Coupon Bond, Market participants use Pakistan Revaluation Rates (PKRV) to revalue their government securities holding of MTBs and PIB – Fixed Coupon bonds at day end. PKRV is the generic yield curve determined by at the end of each business day. PKRV are published for various tenors and are annualized yields for respective maturity bucket.
   To check latest PKRV Click Here.
2. For PIB-Floating Coupon Bonds, FMAP publish day end prices of each outstanding securities for revaluation of bank holdings of PIB-Floating Coupon bonds.
   To check latest PFL rates  Click Here.
3. For all types of GIS, FMAP publish day end prices of each outstanding securities of Sukuk on similar patterns to PFL.
   To check latest GIS rates Click Here.

In addition to above benchmarks, FMAP also publishes KIBOR, which is used as a benchmark rate for determining pricing of Rupee Corporate/Commercial banking lending, of banks & DFIs in terms of the relevant Prudential Regulations.

To check latest KIBOR Click Here