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CBE to float $1.56bn Treasury bills - Daily News Egypt

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CBE to float $1.56bn Treasury bills

The proceeds of this issuance will be used to pay for the previous bid put forward by the CBE on 19 November 2019, through which it received $1.56bn.


The Central Bank of Egypt (CBE) will issue, on Monday, $1.56bn worth Treasury bill (T-bill) tender for a year, due on 16 November 2021.

The proceeds of this issuance will be used to pay for the previous bid put forward by the CBE on 19 November 2019, through which it received $1.56bn.

In the last similar tender on 8 June, the CBE received 26 bids worth a total $720m to purchase T-bills.

The CBE floated that tender at a value of $500m for a year, due on 8 June 2021.

The CBE accepted 20 offers valued at $509.3m with interest ranging between 3.42% and 3.45%, averaging 3.446%, compared to 3.47%, 3.5%, and 3.495% respectively in the previous similar tender in May 2020. The CBE rejected other offers from investors who demanded a return of 4.4%.

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

The return on those T-bills is determined according to several indicators, the most important of which are the size of the US dollar liquidity in the market, the 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/2020/11/16/cbe-to-float-1-56bn-treasury-bills/
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