Fixed Income Sales

ABL Treasury is offering varied fixed income products to its clients.

To invest/trade in the following GoP securities, clients will need to open an ‘Investor Portfolio of Securities (IPS)’ account with ABL (for IPS related details, please see Downloads).


  • Market Treasury Bills (T-Bills)

    Treasury bills are issued by Government of Pakistan (GoP) and are sold in the primary market through auctions conducted by State bank of Pakistan (SBP). These are sovereign instruments and are backed by full faith and credit of the GoP and hence are referred to as risk-free securities (without any default or credit risk but price risk is there). These are zero coupon instruments priced at 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 and have a liquid secondary market and are SLR eligible securities.

    Issuer Government of Pakistan
    Coupon Zero Coupon (Issued at discount)
    Tenor 3, 6 & 12 Month
    Denominations Multiple 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
    Overseas Investors Through SCRA


  • Pakistan Investment Bonds (PIBs)

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

    PIBs are issued as paperless/script-less securities and 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. Currently 8.75%, 9.25%, 9.75% & 10.75% respectively for the above tenors (paid semi-annually)
    Denominations Multiple 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
    Overseas Investors Through SCRA