Selection of benchmark for government securities and two-way price quoting

DMD Circular – 03
Guidelines for benchmarking government securities and issuing two-way price quotes, aiming to create an effective yield curve and develop the secondary bond market in BD. A total of 30 treasury bonds, categorized into 6 groups based on remaining maturity, will be used as benchmarks, and primary dealers are required to provide two-way price quotes for these securities. Additionally, specific quoting requirements based on underwriting obligations are outlined, with a maximum bid-ask yield spread of 0.80% for all benchmark bonds.