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  1. #1
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    Government to launch a dollar-denominated diaspora bond – Pakistan Banao Certificate (PBC)

    ISLAMABAD: The government is set to launch a dollar-denominated diaspora bond – Pakistan Banao Certificate (PBC) – on Jan 31 to tap into the international savings of overseas Pakistanis for building foreign exchange reserves.

    Finance Minister Asad Umar told Dawn that the certificates would be of two maturities – one of three years at about 6.25pc return and another with five-year maturity carrying 6.75pc return. Four banks had been selected to complete the transactions, he added.

    Another official said the PBC would be launched worldwide jointly by the government and the State Bank of Pakistan. The rules governing the certificates were approved by the federal cabinet on Thursday because it was the first ever transaction of its nature that targeted only overseas Pakistanis.

    “It will be an open-ended transaction and its size would depend on the response from Pakistanis abroad,” the official said adding that while the transaction would build reserves, the country’s balance of payments needs for the current year have already been secured. “Obviously we have some numbers in mind which could not be disclosed until the D-day,” he responded to another query.

    “We don’t need to go for any other international capital market transaction this fiscal year,” the official commented when asked about $2.5-3 billion Eurobond or Islamic Sukuk launch in the international capital markets budgeted for the year.

    Another official said that international markets needed an endorsement from the International Monetary Fund (IMF) which was elusive at this stage and hence the transaction could be expensive.

    He said the first $1bn tranche from UAE out of $3bn commitment had been received along with the final $1bn instalment of Saudi Arabia’s $3bn promise already credited into the SBP account on Friday.

    “More flows are expected over the next few days,” the official said, declining to go into details citing some sensitivities. He said a team of petroleum ministry was also leaving for Riyadh to sign off the Saudi oil facility worth $3bn.

    Due for immediate payment in April this year are about $1bn bond acquired by the previous government five years ago. The PML-N had announced early last year to launch a similar bond that could not take off due to procedural delays amid political transition.

    The PTI’s economic team had also planned the bond launch in October last year but delayed after Prime Minister Imran Khan’s call for donations to the dam fund.

    Officials said the PBCs would be payable to the Pakistani investors in their accounts maintained abroad on semi-annual basis in foreign currency with the choice of local payments in local currency. The certificates would be issued to Pakistanis with computerised national identity cards and maintaining accounts abroad, national identity cards for overseas Pakistanis (NICOP) or Pakistan origin cardholders.

    The instruments could be purchased individually or jointly by the resident and non-resident Pakistanis having bank accounts abroad but it would be mandatory that funds for purchase of certificates originate from their foreign accounts and remitted through official banking channels.

    The certificate will be marketed on multiple platforms including digital, electronic and print media, starting from Monday (Jan 28) to ensure maximum outreach to potential investors. Further, road-shows, awareness sessions, etc will also be held for the overseas Pakistanis in the target countries.

    Officials claimed that PBCs offer more attractive returns than those available to Pakistanis abroad on instruments of similar maturity. The certificates are backed by sovereign guarantee. Responding to a question, the official said PBC would not adversely affect normal remittances from overseas Pakistanis.

    “This is a new avenue of investment for retail investors of Pakistani origin who could not normally avail traditional commercial or Islamic bonds of higher denomination,” the official added.

    https://www.dawn.com/news/1459870/di...unched-on-31st


    For the latest updates on Cricket, follow @PakPassion on Twitter

  2. #2
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    I think they are called Euro-Bonds.

    Surprised that they didnt exist in Pakistan in the past..

    This is actually a good move by Asad Umar.

  3. #3
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    I think the interest rate is too high( should be around 4%) but I will invest.

  4. #4
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    Quote Originally Posted by MenInG View Post
    ISLAMABAD: The government is set to launch a dollar-denominated diaspora bond – Pakistan Banao Certificate (PBC) – on Jan 31 to tap into the international savings of overseas Pakistanis for building foreign exchange reserves.

    Finance Minister Asad Umar told Dawn that the certificates would be of two maturities – one of three years at about 6.25pc return and another with five-year maturity carrying 6.75pc return. Four banks had been selected to complete the transactions, he added.

    Another official said the PBC would be launched worldwide jointly by the government and the State Bank of Pakistan. The rules governing the certificates were approved by the federal cabinet on Thursday because it was the first ever transaction of its nature that targeted only overseas Pakistanis.

    “It will be an open-ended transaction and its size would depend on the response from Pakistanis abroad,” the official said adding that while the transaction would build reserves, the country’s balance of payments needs for the current year have already been secured. “Obviously we have some numbers in mind which could not be disclosed until the D-day,” he responded to another query.

    “We don’t need to go for any other international capital market transaction this fiscal year,” the official commented when asked about $2.5-3 billion Eurobond or Islamic Sukuk launch in the international capital markets budgeted for the year.

    Another official said that international markets needed an endorsement from the International Monetary Fund (IMF) which was elusive at this stage and hence the transaction could be expensive.

    He said the first $1bn tranche from UAE out of $3bn commitment had been received along with the final $1bn instalment of Saudi Arabia’s $3bn promise already credited into the SBP account on Friday.

    “More flows are expected over the next few days,” the official said, declining to go into details citing some sensitivities. He said a team of petroleum ministry was also leaving for Riyadh to sign off the Saudi oil facility worth $3bn.

    Due for immediate payment in April this year are about $1bn bond acquired by the previous government five years ago. The PML-N had announced early last year to launch a similar bond that could not take off due to procedural delays amid political transition.

    The PTI’s economic team had also planned the bond launch in October last year but delayed after Prime Minister Imran Khan’s call for donations to the dam fund.

    Officials said the PBCs would be payable to the Pakistani investors in their accounts maintained abroad on semi-annual basis in foreign currency with the choice of local payments in local currency. The certificates would be issued to Pakistanis with computerised national identity cards and maintaining accounts abroad, national identity cards for overseas Pakistanis (NICOP) or Pakistan origin cardholders.

    The instruments could be purchased individually or jointly by the resident and non-resident Pakistanis having bank accounts abroad but it would be mandatory that funds for purchase of certificates originate from their foreign accounts and remitted through official banking channels.

    The certificate will be marketed on multiple platforms including digital, electronic and print media, starting from Monday (Jan 28) to ensure maximum outreach to potential investors. Further, road-shows, awareness sessions, etc will also be held for the overseas Pakistanis in the target countries.

    Officials claimed that PBCs offer more attractive returns than those available to Pakistanis abroad on instruments of similar maturity. The certificates are backed by sovereign guarantee. Responding to a question, the official said PBC would not adversely affect normal remittances from overseas Pakistanis.

    “This is a new avenue of investment for retail investors of Pakistani origin who could not normally avail traditional commercial or Islamic bonds of higher denomination,” the official added.

    https://www.dawn.com/news/1459870/di...unched-on-31st
    Is not the fixed returns (6.25% for 3 years certificate and 6.75% for 5 years certificate) make them haram? I would like to invest in them but only if they are halal.

  5. #5
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    Quote Originally Posted by Bewal Express View Post
    I think the interest rate is too high( should be around 4%) but I will invest.
    These days you can get 3.6-3.7% in an American bank for a 5 year fixed deposit - and your funds, up to 1/4 million, are completely safe and backed by the United States government (much like our own British government backed compensation scheme).

    When you want foreign investors you're going to have to offer a better interest rate to offset the hassle and potential risk there is of having your money in a foreign bank.

    Seems like a wise move by the Pakistani government - hope it works out well for them.

  6. #6
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    @MenInG

    Correct me if i am wrong but Pakistan's sovereign bond yield is in 11-12% range.so why is the bond yield half in this case?

    The bond yields in the current offering are in the range that economies like India Mexico Brazil Bahrain Russia South Africa who have better credit ratings.

    Why will anyone invest other than being patriotic.

  7. #7
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    Quote Originally Posted by Bewal Express View Post
    I think the interest rate is too high( should be around 4%) but I will invest.
    IIRC Pakistan has a low credit rating. These rates are way too low to attract institutional investors

  8. #8
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    Quote Originally Posted by GBK_Fan View Post
    IIRC Pakistan has a low credit rating. These rates are way too low to attract institutional investors
    I will invest because of patriotic reasons. It's a chance to make a small difference

  9. #9
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    What is the process of investing? How? Can Pakistanis living abroad do it from there respective countries?

  10. #10
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    Quote Originally Posted by Bewal Express View Post
    I will invest because of patriotic reasons. It's a chance to make a small difference
    Absolutely you should. I was simply responding to the rates comment

  11. #11
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    ISLAMABAD: Prime Minister Imran Khan said on Thursday that overseas Pakistanis were the first ones to give him money for charitable causes and he always had a strong connection with the Pakistani diaspora abroad.

    The prime minister was addressing a ceremony for the inauguration of ‘Pakistan Banao Certificate’ for overseas Pakistanis.

    While praising the Pakistani nationals abroad, the prime minister said that the overseas Pakistanis have always been at the forefront for helping the country.

    Pakistan was going through a difficult phase. “No other government has faced a deficit like this,” the prime minister said.

    “Going to the International Monetary Fund was the easier option for us,” he said, adding that the balance of payment crisis has not resolved yet.

    He said that the country is in this state due to corruption and mismanagement, and he did not know that the institutions would be in such dire straits.

    https://www.geo.tv/latest/226865-ove...arity-pm-imran


    For the latest updates on Cricket, follow @PakPassion on Twitter

  12. #12
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    Quote Originally Posted by srh View Post
    Is not the fixed returns (6.25% for 3 years certificate and 6.75% for 5 years certificate) make them haram? I would like to invest in them but only if they are halal.
    any answer to this question?

  13. #13
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    I might consider this... the mutual fund in which I have most of my savings in sometimes grows by 8%, but sometimes just gives 1-3%. This bond will guarantee 6.75% for a 5 year period. My only concern is, are the dollars converted to rupees to purchase the bond, and upon maturity am I returned my money in rupees or dollars? The double exchange will needlessly eat up the money.


    Mein inko rolaonga

  14. #14
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    Quote Originally Posted by Syed1 View Post
    I might consider this... the mutual fund in which I have most of my savings in sometimes grows by 8%, but sometimes just gives 1-3%. This bond will guarantee 6.75% for a 5 year period. My only concern is, are the dollars converted to rupees to purchase the bond, and upon maturity am I returned my money in rupees or dollars? The double exchange will needlessly eat up the money.
    The entire thing is in USD.

  15. #15
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    Quote Originally Posted by Syed1 View Post
    I might consider this... the mutual fund in which I have most of my savings in sometimes grows by 8%, but sometimes just gives 1-3%. This bond will guarantee 6.75% for a 5 year period. My only concern is, are the dollars converted to rupees to purchase the bond, and upon maturity am I returned my money in rupees or dollars? The double exchange will needlessly eat up the money.
    The mutual funds must have average 5 year return. How much is that?

    Also if you need to encash those mutual funds or do a pre mature withdrawl, is that allowed? If yes, what are the charges?

    Are those mutual funds accepted as collateral in case you need loans?

    These are some common questions one asks when investing in a MF. Same with these bonds.

  16. #16
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    6.75% yield pa in $ is very attractive .

  17. #17
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    Quote Originally Posted by srh View Post
    any answer to this question?
    Yes, fixed return in case of bonds would be Islamically impermissible.

  18. #18
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    There’s a challenge with state bonds in foreign currency - what if the state has no dollar to pay on maturity or accounts are frozen when a new Govt comes or if PKR depreciates to say 200 in 3 years. There’s a reason why a Japanese state bond gives .25%, US bonds give 3% and India dollar denominated bonds are at <4%. Higher risk, Higher returns!

  19. #19
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    Anyone here invest in one then?

    https://pakistanbanaocertificates.gov.pk/index

  20. #20
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    Quote Originally Posted by Gabbar Singh View Post
    Anyone here invest in one then?

    https://pakistanbanaocertificates.gov.pk/index
    fixed income security means it is not halal so most Pakistanis will not invest in it

  21. #21
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    KARACHI: The State Bank of Pakistan (SBP), on Thursday, issued detailed instructions to facilitate overseas Pakistanis in order to access their bank accounts.

    Under the new arrangement, overseas Pakistanis can now approach their respective banks through email or surface mail and provide identity documents like valid Passport, visa, CNIC and National Identity Card for Overseas Pakistanis (NICOP) as an alternative arrangement for biometric verification to operate their bank accounts as usual.

    Pakistan has been facing tough situation regarding the financial transactions being minutely scrutinised by the international watchdog to monitor terror financing and money laundering.

    The watchdog has also put Pakistan on a grey-list of countries with anti-money laundering/combating the financing of terrorism (AML/CFT) deficiencies.

    The government has vowed to take all-out measures to get itself out of the grey-list, which is due in February next year.

    Few overseas Pakistanis told Dawn that due to the condition of biometric verification, their banks accounts were suspended and they were not even able to send remittances. They said that under the alternate arrangement, the move would resolve the issues regarding their suspended accounts.

    “The arrangement has been made in line with the SBP’s continuous monitoring of the progress of the banking industry with respect to biometric verification; and it has been reiterated to banks for extending their fullest cooperation to their overseas customers,” said the SBP.

    The SBP referred to a circular issued in June for compliance of AML/CFT regime by banks and development financial institutions (DFIs) that deal with biometric verification of existing customers.

    The circular said that, customers, who fall under the definition of non-resident Pakistanis (NRP), the bank and DFIs may obtain a signed undertaking from the customer along with their NRP status including copy of valid passport, visa, exit stamp, resident permit, and CNIC/NICOP and account number maintained with the bank as per customer record.

    The bank, after verification of the customer’s signature from its record, will accordingly update the NRP status in the customer’s profile.

    For customers, who do not qualify as NRP but are currently or temporarily outside the country for any reason, the bank may obtain reasonable evidence or proof from the customer regarding his absence from the country including copy of valid passport, visa, exit stamp, resident permit, etc and the expected date of return.
    Source: https://www.dawn.com/news/1512810/sb...eas-pakistanis.


    Bangladeshi Fan

  22. #22
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    How much money did the bonds raise?

  23. #23
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    Based on the financial strength of the Pakistan and also given my credentials as a Chartered Financial Analyst, I can tell you now I would not advise investing in this.

    You can get the same returns investing in more financially secure emerging economies such as Brazil and India without worrying about the level of default of risk, you would find with the Pakistan Govt.

    Also given how the PKR has been depreciating against the USD over the last year or so at an alarming rate, this would be another reason to keep well away from putting your money into this junk bond offering poor returns.

    Lets consider the Dollar Exchange Rate to PKR:

    27/10/2017: 104.14 PKR
    25/10/2019 (today): 155.72 PKR

    The above shows an depreciation of c.50% over the past two years. Currency and default risks simply make this an unattractive investment.
    Last edited by topspin; 25th October 2019 at 15:04.

  24. #24
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    The bonds are dollar denominated. Why is the exchange rate relevant?

  25. #25
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    Quote Originally Posted by topspin View Post
    Based on the financial strength of the Pakistan and also given my credentials as a Chartered Financial Analyst, I can tell you now I would not advise investing in this.

    You can get the same returns investing in more financially secure emerging economies such as Brazil and India without worrying about the level of default of risk, you would find with the Pakistan Govt.

    Also given how the PKR has been depreciating against the USD over the last year or so at an alarming rate, this would be another reason to keep well away from putting your money into this junk bond offering poor returns.

    Lets consider the Dollar Exchange Rate to PKR:

    27/10/2017: 104.14 PKR
    25/10/2019 (today): 155.72 PKR

    The above shows an depreciation of c.50% over the past two years. Currency and default risks simply make this an unattractive investment.
    Don't you have to pay in USD and you get returns in USD? If that is the case as an investor you would not face any loss/risk. Pakistan state bank will face losses if the value of PKR goes down from the time of purchase of this bond.

    Your other point about security risk is valid.

  26. #26
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    Quote Originally Posted by topspin View Post
    Based on the financial strength of the Pakistan and also given my credentials as a Chartered Financial Analyst, I can tell you now I would not advise investing in this.

    You can get the same returns investing in more financially secure emerging economies such as Brazil and India without worrying about the level of default of risk, you would find with the Pakistan Govt.

    Also given how the PKR has been depreciating against the USD over the last year or so at an alarming rate, this would be another reason to keep well away from putting your money into this junk bond offering poor returns.

    Lets consider the Dollar Exchange Rate to PKR:

    27/10/2017: 104.14 PKR
    25/10/2019 (today): 155.72 PKR

    The above shows an depreciation of c.50% over the past two years. Currency and default risks simply make this an unattractive investment.

    Mr. CFA,

    First, Pakistan has no history of an external sovereign default. Second, the asset is dollar-denominated.

    Best,
    Armchair investor
    Last edited by HussainRx8; 25th October 2019 at 18:09.

  27. #27
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    Quote Originally Posted by big_gamer007 View Post
    Don't you have to pay in USD and you get returns in USD? If that is the case as an investor you would not face any loss/risk. Pakistan state bank will face losses if the value of PKR goes down from the time of purchase of this bond.

    Your other point about security risk is valid.
    I see in that case it sits better with investors whose base currency is USD.

  28. #28
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    Quote Originally Posted by HussainRx8 View Post
    Mr. CFA,

    First, Pakistan has no history of an external sovereign default. Second, the asset is dollar-denominated.

    Best,
    Armchair investor
    That's great but Pakistan's macroeconomic indicators over the last two years suggest the likelihood of the contrary may increase quite significantly in the short to medium future if the decline in the Pakistan's economy continues to follow the trend we've seen of late.

    The fact that Pakistan has had to go to the IMF 22 times, who hold Pakistan in their Grey List should be suffice for any investor to see that it simply isn't worth the risks.

    I didn't know the Bond was USD denominated, but it's useful to know this sits better with investors whose base currency is in USD.

  29. #29
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    Quote Originally Posted by topspin View Post
    That's great but Pakistan's macroeconomic indicators over the last two years suggest the likelihood of the contrary may increase quite significantly in the short to medium future if the decline in the Pakistan's economy continues to follow the trend we've seen of late.

    The fact that Pakistan has had to go to the IMF 22 times, who hold Pakistan in their Grey List should be suffice for any investor to see that it simply isn't worth the risks.

    I didn't know the Bond was USD denominated, but it's useful to know this sits better with investors whose base currency is in USD.
    The entire discussion here has been about the bond being US denominated. Even before you drone about FATF, the yields in this bond are lower than assumed, so it’s clearly not aimed at II, but for overseas Pakistanis who don’t mind helping the government out.

    That said I will be very surprised if they even manage to raise 1B from this. Not too many invest in the bond markets and the yields are far too low for anyone with access to better services interested.

  30. #30
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    Quote Originally Posted by sweep_shot View Post
    why a country talking about following Madina's principles is issuing fixed income security bonds? Is not that interest based and thus strictly haram (forbidden) as per Islam?

  31. #31
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    Quote Originally Posted by topspin View Post
    That's great but Pakistan's macroeconomic indicators over the last two years suggest the likelihood of the contrary may increase quite significantly in the short to medium future if the decline in the Pakistan's economy continues to follow the trend we've seen of late.

    The fact that Pakistan has had to go to the IMF 22 times, who hold Pakistan in their Grey List should be suffice for any investor to see that it simply isn't worth the risks.

    I didn't know the Bond was USD denominated, but it's useful to know this sits better with investors whose base currency is in USD.
    The whole point of going to the IMF is to stave off a sovereign default. IMF has served as a backstop, calming investors fears.

    Pakistan's current macro indicators mean nothing. The point of the IMF stabilization program is for the economy to contract in the near-term, in order to narrow its external and internal imbalances. You can't achieve this without contracting the economy.

    The key thing here is whether Pakistan is able to push through the structural reforms which will put the country on a sustainable growth trajectory.
    Last edited by HussainRx8; 25th October 2019 at 20:42.

  32. #32
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    Quote Originally Posted by topspin View Post
    I see in that case it sits better with investors whose base currency is USD.
    Don't take my word for it, I am only assuming it will work like this. This scheme is targeted towards overseas Pakistanis, so it's a good scheme which might boost foreign reserves of Pakistan and in 3-5 years when Pakistan has to give back 6% extra to investors, they could use those Forex reserves to create more cash and investment opportunities.

    If they fail to utilize the Forex reserves they gain from these expat investors in 5 years time, Pakistan government will be at a loss paying the investors back. So it's very important to utilize the investments properly.

    Let's see how it pans out.


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