Total of 43 foreign, domestic investors offer to invest $970.6mln in Egyptian T-Bills

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Egypt - A number of 43 foreign and domestic investors offered to invest $970.6m in the USD treasury bills (T-Bills) tender issued by the Central Bank of Egypt (CBE) on Monday.

The CBE has offered this tender, on behalf of the ministry of finance, worth $715m for one year, due on 9 June 2020.

According to data obtained by Daily News Egypt, the CBE accepted 24 offers worth $715m.

The interest rate accepted by the CBE in this tender was 3.85% as the lowest price, 3.88% as the highest price, and 3.877% as an average against 3.85%, 3.9%, and 3.897% respectively in a similar offer in May 2019. Other offers made with interest up to 4.5% were declined.

The proceeds of this tender are to pay the value of a previous tender issued by the CBE on 12 June 2018, worth $715m.

During 2019, the CBE floated US dollar-denominated bills through which it obtained some $3.885bn.

The CBE allows local banks and foreign institutions to subscribe to these bills with a minimum subscription of $100,000 and multiples.

The interest rate on these bills is set based on a number of indicators, such as the USD liquidity in the market, the alternative investments available for banks, and the country’s credit rating.

The post Total of 43 foreign, domestic investors offer to invest $970.6m in Egyptian T-Bills appeared first on Daily News Egypt.

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