Daily News Egypt

Central Bank of Egypt receives 35 bids worth $1.0511bn for latest T-bills tender - Daily News Egypt

Advertising Area




Advertising Area

Central Bank of Egypt receives 35 bids worth $1.0511bn for latest T-bills tender

The Central Bank of Egypt (CBE) has announced it has received 35 offers worth $1.0511bn from local and foreign investors, to cover a US dollar-denominated Treasury bills (T-bills) auction.


The Central Bank of Egypt (CBE) has announced it has received 35 offers worth $1.0511bn from local and foreign investors, to cover a US dollar-denominated Treasury bills (T-bills) auction.

On Monday, the CBE offered T-bills worth $850m for a year, due on 4 January 2022. The proceeds of this bid will be used to pay the value of a previous bid, which the CBE offered on 7 January 2020 and through which it obtained $864.9m.

On its website, the CBE revealed that only 30 of those offers had been accepted, valued at $861.1m.

The CBE accepted bids in the interest rate range of between 3.4015% and 3.42%, with an average interest of 3.414%. This compares to the 3.37%, 3.401%, and 3.395%, that were offered in a similar bid on 7 December 2020.

The CBE rejected other offers from investors who demanded a return of 4.1%. It allows subscriptions for these bills from both local banks and foreign institutions, with a minimum subscription of $100,000 and its multiples.

The yield of these US dollar T-bills is determined according to several indicators, the most important of which include the size of the market’s dollar liquidity. Other factors affecting the yield include the alternative investment opportunities available to local and foreign banks and financial institutions, and the country’s credit rating.

Advertising Area

https://dailyfeed.dailynewsegypt.com/2021/01/04/central-bank-of-egypt-receives-35-bids-worth-1-0511bn-for-latest-t-bills-tender/
Breaking News

No current breaking news

Receive our daily newsletter
Subscribe