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CBE offers $800m in 1-year treasury bills on Monday - Daily News Egypt

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CBE offers $800m in 1-year treasury bills on Monday

Proceeds cover a previous tender, worth $1bn, offered in May 2019


The Central Bank of Egypt (CBE) will on Monday issue an $800m US dollardenominated treasury bill auction valid a year, due on 4 May 2021.

The proceeds of the bid shall be directed to paying the value of a previous CBE bid, worth $1bn, submitted on 5 May 2019 that is due on Tuesday.

The CBE has received 32 offers worth $1.0548bn from local and foreign investors in a treasury bond auction on 10 February. It had issued this bid seeking $900m for 364 days, due on9 February 2021.

The CBE accepted 27 of these offers, amounting to $984.8m with an interest ranging between 3.44% as the lowest price and 3.5% as the highest price, with 3.491% as an average.

The CBE rejected other offers from investors who requested a return of 4.10%. It allows subscriptions from local banks and foreign institutions to these bills, with a minimum subscription of $100,000 and its multiples.

The return on these bills is determined according to several indicators. The most important of these 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.

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https://dailyfeed.dailynewsegypt.com/2020/05/03/cbe-offers-800m-in-1-year-treasury-bills-on-monday/
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