IFMP Fixed Income Securities Certification (FISC), Pakistan case studies
IFMP Fixed Income Securities Certification (FISC), Pakistan · Put your knowledge to work in context.
The Fixed Income Securities Certification (FISC) is one of the specialised certifications listed by the Institute of Financial Markets of Pakistan (IFMP). IFMP describes itself as Pakistan's first securities market institute, established as a permanent platform to develop quality human capital capable of meeting the emerging professional knowledge needs of financial markets and creating standards among market professionals. The IFMP Fixed Income Securities Certification (FISC), Pakistan case studies are 5 cases and about 4,383 words.
1Bank ALCO: Realising an AFS Loss or Shortening Duration
Habib Capital Bank's treasury holds PKR 8.0 billion of a 5-year GoP PIB with a 12% semi-annual coupon, purchased at par 26 months ago and classified as available-for-sale. Since then the SBP policy rate has risen 525 bp and the PIB's yield-to-maturity is now 15.2%, leaving an unrealised mark-to-market loss of roughly PKR 760 million in OCI.
880 words, about 4 min2Corporate Sukuk: Ijarah versus Musharakah for a Cement Issuer
A rated Pakistani cement company needs PKR 6 billion for a 5-year expansion. Its balance sheet has a freehold plant with a book value of PKR 9 billion, already partly mortgaged for a bank loan, plus a PKR 2 billion receivable book.
863 words, about 4 min3Primary Dealer Bidding in a 5-Year PIB Auction
You are the head of primary dealership at a Pakistani bank. SBP has announced a PKR 150 billion auction of 5-year fixed-rate PIBs, with settlement on Thursday.
893 words, about 4 min4Credit Review of a Textile Exporter's Amortising Corporate Bond
A fixed income fund manager at a Pakistani asset management company is considering a PKR 1.5 billion investment in a 5-year listed corporate bond issued by a large textile exporter. The bond pays KIBOR+375 bp, amortises 20% annually from year 3, and is secured by a second charge on plant.
852 words, about 4 min5Immunising a Pension Fund with Two PIB Tenors
A Pakistani pension fund must pay PKR 10.5 billion in 8 years and PKR 13.0 billion in 12 years. Its actuary estimates the liabilities' modified duration at 8.6 years and present value at PKR 6.7 billion using a 13.5% discount rate.
895 words, about 4 min