Daily News Egypt

CBE offers $500m worth T-Bills on Monday - Daily News Egypt

Advertising Area

Advertising Area




CBE offers $500m worth T-Bills on Monday

Proceeds to cover a previous offer worth $715m issued on 11 June 2019


The Central Bank of Egypt (CBE) will issue on Monday $500m worth treasury bills (T-Bills) due on 8 June 2021. The proceeds of the bid shall be used to pay for a previous bid submitted by the CBE on 11 June 2019 worth $715m, which is due on Tuesday.

The CBE issued a previous one-year T-Bill tender on 4 May worth $800m due on 4 May 2021. It received 31 offers from local and foreign investors, at a value of $1.0954bn.

The CBE accepted 25 offers, worth a total of $975.4m at interests ranging between 3.47% as the lowest price, 3.5% as the highest price, and 3.495% as an average. It rejected other offers from investors who requested a return of 5.5%.

The CBE allows subscriptions for the tender from both local banks and foreign institutions, with a minimum subscription of $100,000 and its multiples.

The return on these dollar-denominated T-Bills is determined according to several indicators, the most important of which is the amount of dollar liquidity in the market. It is also determined by the alternative investment opportunities available to local and foreign banks and financial institutions, and the country’s credit rating.

Topics: CBE T-bills

Advertising Area

https://dailyfeed.dailynewsegypt.com/2020/06/07/cbe-offers-500m-worth-t-bills-on-monday/
Breaking News

No current breaking news

Receive our daily newsletter
Subscribe