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Treasury Bills are issued by the Government of Pakistan (GoP) and are sold in the primary market through auctions conducted by the State Bank of Pakistan (SBP). These are sovereign instruments and are backed by the full faith and credit of the GoP, and hence are referred to as risk-free securities (without any default or credit risk, though price risk is present). These are zero-coupon instruments priced at a discount, with a yield equal to the difference between the purchase price and the maturity value (or face value).

T-Bills are issued as paperless/script-less securities, have a liquid secondary market, and are SLR-eligible securities.

Issuer Government of Pakistan
Coupon Zero Coupon (Issued at discount)
Tenor 3, 6 & 12 Months
Denominations Multiples of PKR 5,000
Withholding Tax Deducted at source
Who Can Buy Anyone can buy from auctions or from the secondary market
Redemption T-Bills are not redeemable before maturity
Tradable Traded freely in a liquid secondary market and are easily transferable
Custodianship Client’s investments are held in the Investor Portfolio of Securities (IPS) Account managed through Subsidiary General Ledger Accounts with banks

 

PIBs are long-term, semi-annual coupon-based instruments issued by the Government of Pakistan (GoP) and are sold in the primary market through auctions conducted by the State Bank of Pakistan (SBP). These are sovereign instruments and are backed by the full faith and credit of the GoP, and hence are referred to as risk-free securities (without any default or credit risk, though price risk is present). PIBs can trade at a premium or discount, depending on whether the market yield/rate on these instruments is lower or higher than the coupon rate.

PIBs are issued as paperless/script-less securities, have a liquid secondary market, and are SLR-eligible securities.

Issuer Government of Pakistan
Tenor 3, 5, 10, & 20 Years
Coupon As announced by GoP from time to time
Denominations Multiples of PKR 100,000
Withholding Tax Deducted at source
Who Can Buy Anyone can buy from auctions or from the secondary market
Redemption PIBs are not redeemable before maturity
Tradable Traded freely in a liquid secondary market and are easily transferable
Custodianship Client’s investments are held in the Investor Portfolio of Securities (IPS) Account managed through Subsidiary General Ledger Accounts with banks
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