T

Glossary · PSX term

Term Finance Certificate (TFC).

A TFC is a corporate debt instrument in Pakistan, essentially a tradable company bond.

Definition

TFCs let companies raise medium- to long-term debt from investors, paying periodic mark-up usually linked to KIBOR. Some are listed on the PSX and can be traded, while others are privately placed.

Worked example

A bank issues a listed TFC paying KIBOR plus 1.5% to raise long-term capital.

Related on PSX Clarity

Yield to maturity

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