Daily News Egypt

CBE offers $900m in T-bills on Monday - Daily News Egypt

Advertising Area

Advertising Area



CBE offers $900m in T-bills on Monday

Proceeds to cover a previous bid floated on 12 February 2019 worth $1.0141bn


The Central Bank of Egypt (CBE) offers on Monday $900m of treasury bills for a year, due on 9 February 2021. The proceeds of this bid shall be directed to pay the value of a previous bid submitted by the CBE on 12 February 2019, through which it had obtained about $1.0141bn and will be due on Tuesday.

This tender is the second to be launched in 2020, where the CBE offered a tender worth $800m in January. In this tender, the CBE received 38 offers from local and foreign investors, at a value of $966.9m.

The CBE accepted 34 of these offers, valued at $864.9m, at an interest rate ranging between 3.52% as the lowest price and 3. 55% as the highest price and 3.54% on average. The CBE rejected other offers from investors who requested a return of 3.57%.

The CBE allows subscribing to these bills for both local banks and foreign institutions, with a minimum subscription of $100,000 and its multiples.

The return on these dollar bills is determined according to several indicators, the most important of which are the amount of dollar liquidity in the market, alternative investment opportunities available to local and foreign banks and financial institutions, and the country’s credit rating.

Advertising Area

https://dailyfeed.dailynewsegypt.com/2020/02/10/cbe-offers-900m-in-t-bills-on-monday/
Breaking News

No current breaking news

Receive our daily newsletter
Subscribe