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Forty-three foreign and local investors on Monday offered to invest $1.721bn in one-year dollar-denominated treasury bills (T-Bills) auction issued earlier by the Central Bank of Egypt (CBE).
The CBE launched an auction on Monday to offer $1.56bn T-Bills. These T-Bills have a maturity of one year, due on 17 November 2020. The CBE accepted 33 bids worth $1.56bn.
The proceeds of this issuance will be directed to repay the earlier T-Bills issuance launched by the CBE on 19 November 2018, valued at $1.703bn.
The interest rate accepted by the CBE for this auction was 3.55% as the lowest rate, 3.60% as the highest rate, and 3.58% on average. Other offers with interest up to 3.9% were declined.
In 2019, the CBE issued four batches of T-Bills in US dollar, through which it received about $3.885bn.
The CBE allows subscription in those T-Bills for both local banks and foreign institutions with a minimum subscription of $100,000 and their multiples.
The yields of these issuances are controlled by several indicators, the most important of which are the US dollar liquidity in the market, alternative investment opportunities available to banks and domestic and foreign financial institutions, and credit rating of the state.
2019 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
