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Proof Of How QE Works
There’s so much confusion out there about how money gets from the Fed into the stock and bond markets. I see the comments in my Twitter feed. People are clueless. Like how M1 is causal. Or how the Fed pumps money into the banking system and that doubles back somehow to speculative bubbles.
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This post was originally published for Liquidity Trader subscribers last week. I am posting it here in full now for everyone. If you would like to regularly receive and support this research, please subscribe!
Government of India has announced the sale (re-issue) of Government Stock through auctions to be held on January 22, 2021. The amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) for the underwriting auction, applicable to each Primary Dealer (PD), include 3.96% GS 2022 ( Rs 2,000 crore), 5.15% GS 2025 (Rs 11,000 crore), 5.85% GS 2030 (Rs 8,000 crore) and 6.80% GS 2060 ( Rs 6,000 crore). The underwriting auction will be conducted through multiple price-based method on January 22, 2021 (Friday).
PDs may submit their bids for ACU auction electronically through Core Banking Solution (E- Kuber) System between 9.00 A. M. and 9.30 A. M. on the date of underwriting auction.
Bank of Punjab Becomes Market Maker for Debt Securities on PSX
The Bank of Punjab (BOP) has become the market maker for debt securities at Pakistan Stock Exchange (PSX). It is the second bank to join the equity market after Bank Alfalah, while more banks are likely to come in near future.
An agreement was signed between PSX and BOP today at PSX Trading Hall, whereby BOP becomes the first bank to be recognized as Market Maker for both conventional and Shariah Compliant debt instruments on PSX.
The agreement was signed between MD & CEO of Pakistan Stock Exchange, Farrukh H. Khan, and President & CEO, Bank of Punjab, Zafar Masud. Also present at the ceremony were the BOP Group Head of Treasury and FIs, Khawar Ansari, and senior management of both the organizations.
Government of India has announced the sale (issue/re-issue) of Government Stock through auctions to be held on December 18, 2020. As per revised scheme of underwriting notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) for the underwriting auction, applicable to each Primary Dealer (PD) are being notified. These include 4.48% GS 2023 (Rs 6000 crores), GoI FRB 2033 (Rs 2000 crores), 6.22% GS 2035 (Rs 9000 crores), and 6.67% GS 2050 (Rs 5000 crores).
The underwriting auction will be conducted through multiple price-based method on December 18, 2020 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E- Kuber) System between 9.00 A. M. and 9.30 A. M. on the date of underwriting auction.