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Ab Bank Revisited

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AB Bank – PD
General Information:
Initiative by Bangladesh Bank to develop a vibrant secondary market of government securities in Bangladesh.
Initially there were 12 banks and 3 NBFI’s who became PD’s, but later on when the market wasn’t successful the NBFI’s took permission from the central bank and left the market.

Initial Advantage: * Only PD can attend the auction (no one else) – this allowed them to buy the securities accordingly and then sell to other non-PD bodies.

Scenario

* After some time AB Bank’s saw that the supply of government securities was more than the demand. The treasury bills and bonds were not attractive to the market. * Banks were exhausted with government securities and had more than required * Due to poor market demand, the banks were stuck with the government securities. * In 2013, the market was opened to everyone, meaning that non-PD banks, corporate bodies, and individuals can bid for government securities.

* However the non-PD bids were to be placed through a PD. (Details described in the mechanism)

* Meaning that before non-PDs had to BUY the securities from the PDs, but now they bid for securities through the PD. The PD acts like an intermediary.

Requirement Mechanism * Each PD fixes the amount and rate of government securities according to their need. * Usually this percentage is fixed based on total demand and liability. * But sometimes there is also called “devolvement” * Devolvement: PD’s sometimes have to buy securities that haven’t been subscribed by any and is an obligation to the Central Bank. AB bank has to buy a certain percentage of the securities from the government whether they can sell it or not. * This devolvement also plays a factor when buying the government securities. * Some institutions can’t fix their own rate (usually non PDs), so they follow a weighted average rate when buying the securities.

Advantage of PD * Less pressure * Liquid Support Facility – the central bank understands that the demand is low in the market and that the securities are getting stockpiled in the bank’s account. This will later lead to a fund crisis. So this support is provided to the PD’s only. The central bank allows the PD’s to apply to the central bank to liquidate the securities (sort of loans) at an interest rate (currently 7.25%). The PD’s have 60 days from the date of issue of the bond or bill to apply to the Central Bank. * For treasury bills the loan is up to 85% of the face value * For treasury bonds the loan is up to 95% of the face value

Disadvantage of PD * Before the market opened up, the rates for the securities were discussed between the PD’s and then fixed. However now since everyone can bid, the rates fluctuate in the market too drastically. * The price is still fluctuating greatly in the market. * The fluctuation however isn’t caused by PD banks, but rather by non PD banks who fix whatever rate they will. PD banks are wary of the valuation of their security market for which the rate gap is low between PD banks. Non PDs usually fluctuate their rates the most. * AB bank can’t enjoy its advantage of being PD because now the market is open but the obligation of devolvement is still there. This means that while the demand for the government securities is low, AB Bank still has to buy a certain portion of the securities.

Types of Customers * Other non-PD banks * Corporate clients (mostly life insurance companies like Delta and Meghna) * Corporate bodies (mostly leasing firms) * Individuals are entering the market, which is a good news for the PDs. This means that the market is warming up to the concept of secondary government securities.
Most Popular:
Short Term Treasury Bills – Interbank exchange or buying
Long Term Treasury Bills – Corporate clients and bodies
Rates:
Long Term Bonds | Treasury Bills | 2 Years | 8.50% | 91 days | 7.35% | 5 Years | 9.45% | 182 days | 7.67% | 10 Years | 10.85% | 364 days | 8.03% | 15 Years | 11.40% | | | 20 Years | 11.97% | | |

Auction/Bidding Process: * The entire process is online and performed on a platform created by the Bangladesh Bank called the Market Infrastructure (MI) module/system. * Each PD has a BPID on this MI module which acts as an account where all the securities are sold. All transactions and transfers are done via this account. * The bidding for treasury bills take place on Sunday every week, and bids must be placed by 12:30PM. * The bidding for treasury bonds take place on Tuesday every week, and bids must be placed by 12:30PM * For both bills and bonds the issuing day is the next day, Monday and Wednesday respectively. * On the issuing day the PD’s are let known whether their bids were accepted or not, and what amount of securities the central bank has given them. * So the next day the allocated securities are sent to the BPID of the bank (in our case AB Bank).

Clients bidding process: * Non PDs (clients/customers) must bid through a PD. * The clients have their very own BPID under AB Bank’s BPID. Sort of like a subset account under the main bank’s account. (See diagram below) * The client lets the Banks know of their demand and the Bank accordingly acts on behalf of the client and bids on the platform. * The banks acts like an operator of the client’s BPID. * When the securities are bought for the client, they are kept in the clients account.

Advantage for Customers * AB Banks keep all customers financial information so it’s very easy for an AB Bank account holder to start a BPID * The interest from government securities are paid semi-annually, usually a bank charges for the pay order of the interest, AB Bank doesn’t from clients. * If clients want to encash their bond, AB Banks buys it from the client * All queries by clients is answered by AB Bank free of charge. * They make themselves distinctive by superior service quality. * The return from these bonds and bills are Tax free
Price (quotation) Mechanism
All the following act as factors influencing the bid quotation of the bank: * Monetary policy of Bangladesh Bank * Government Budget Deficit: if the govt wants to borrow more from the banks, the banks can increase the premium. * Interbank flow of money: if the flow of money increases between the banks, the rate is low. * Economic Environment: right now the economy isn’t stable due to the political problems, so it’s safer to buy govt securities which has a higher rate than the market rate (7.5-8.0%) * Auction Rate * Last Auction Rate * Above mentioned factors * Maturity calendar which lets AB Bank know what interests (from previous bonds and bills) are going to mature that month, so they fix the rate accordingly.

Profitability * Underwriting commission: * For treasury bills – 3.5k per crore * For treasury bonds – 8.5k per crore * Devolvement commission from the govt. * Non PD bids through PD * Capital Gain: the selling of bonds and bills later on to others for a gain.

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