November 17, 2021

CBE receives 33 bids worth $1.766bn for T-bills tender


Proceeds of latest tender will be directed to pay for previous one worth $1.585bn put forward on 17 November 2020

The Central Bank of Egypt (CBE) received on Tuesday 33 bids from local and foreign investors, totalling $1.766bn, to cover the latest tender of local treasury bills (T-bills) denominated in the US currency.

The issuance was worth $1.6bn, for a period of 364 days, as it will be due on 15 November 2022.

The proceeds of this tender are directed to pay a previous tender that the CBE put forward on 17 November 2020, through which $1.58bn were received.

According to the CBE, 28 offers worth $1.616bn were accepted, with interest ranging between 2.95% as the lowest price, 3% as the highest price, and 2.995% as an average.

The accepted returns for a similar tender on 7 June 2021 were 3.05% as the lowest price, 3.10% as the highest price, and 3.088% as an average.

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

The return of those dollar-denominated bills is determined according to several indicators, the most important of which are the volume of 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.

dailynewsegypt


Categories : banking

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