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030908
STATE BANK OF PAKISTAN - EXCHANGE AND DEBT MANAGEMENT DEPARTMENT
EDMD Circular No. 13
18th September, 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.
Sd/-
(Muhammad Arif)
J. Joint Director
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
EDMO
TENDER FORM
(NON COMPETITIVE BID)
NAME OF PRIMARY DEALER …………………………………………
The Head of Treasury,
Dated: …………
Exchange & Debt Management Department,
State Bank of Pakistan,
Karachi.
PLACEMENT OF BIDS FOR PAKISTAN INVESTMENT BONDS-NON COMPETITIVE
Pursuant to the tender notice published by the State Bank of Pakistan on ……….. for the sale of Pakistan Investment Bonds we M/S ……………………………….. apply for purchase of Pakistan Investment Bonds as follows:-
Maturity Period ………
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Serial No |
Name of Investor/Purchaser | Amount of purchase in multiples of Rs. 100,000/- (Face Value) |
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Total |
Signature
(Name of an authorized Signatory with
stamp)
Separate Tenders will be required for each maturity of PIB.
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