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Move is to fill chronic budget deficit during Q1 of FY 2020/21
Finance Ministry to issue EGP 499.5bn of T-bills, EGP 100.5bn of T-bonds between July and September 2020
The first tranche of the T-Bills will be offered through 182-day notes valued at EGP 7.5bn, while the second tranche stands at EGP 7.5bn and will be offered through 364-day notes, the CBE said on its official website.
The sharp movement in the yield curve was accompanied by a drop in the demand/subscription ratio. Monday’s auction saw average yields on the three-year and seven-year T-bonds increasing to 13.883% (up from 13.514%) and 13.861% (up from 13.723%).
The CBE accepted 20 offers worth a total of $509.3m, with interest ranging between 3.42% as the lowest price, 3.45% as the highest price, and 3.446% as an average. This compared to 3.47% as the lowest price and 3.5% as the highest price, and 3.495% as an average in the last similar bid in May.
Proceeds to cover a previous offer worth $715m issued on 11 June 2019
20 T-Bill offerings worth EGP 203bn will be issued, along with 10 bond offerings worth EGP 34bn
New offerings part of government’s plan to issue EGP 610bn T-Bills, bonds until end June
The CBE will issue Treasury Bills and bonds worth EGP 186bn in May, as part of a government plan to borrow EGP 610bn between April and the end of June 2020.
Issuing EGP 522bn T-bills, EGP 88bn bonds between April-June: Finance Ministry
Net foreign assets up EGP 75.1bn in 7 months, credit facilities rise to EGP 1.883bn in January
16 T-Bills bids worth EGP 175bn, 10 T-Bonds bids worth EGP 37.5bn to be issued this month
The CBE rejected other offers from investors who requested an interest of 4.10%.
Proceeds to cover a previous bid floated on 12 February 2019 worth $1.0141bn
Increase of total outstanding balances of T-Bills to EGP 1.512trn 2019-end
The proceeds of the tender goes to repay a previous tender worth $845.1m offered on 8 January 2019
CBE floated five bill tranches worth $5.1432bn in 2019
CBE accepts $1.56bn worth offers from 33 investors with interests ranging between 3.55-3.6%
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.
Ministry of Finance plans 56 T-Bills auctions worth EGP 528.5bn, 28 T-Bonds offerings worth EGP 54bn between October, December
Accepted offers registered at EGP 5.8bn, yield less than 14.5%
EGP 1.213tn in Bills, EGP 814.973bn in Bonds, $23.21bn and €4bn in foreign bonds
CBE set accepted yield minimum at 1.4%, maximum at 1.5%, average at 1.49%
T-Bills balances reached EGP 1.203tn, T-Bonds at EGP 766.36bn, in addition to international bonds of $23.21bn, €4bn, says Finance Ministry
T-Bills due between July 2019 and June 2020
Foreign investment in T-Bills reached about $11bn before 25 January 2011, but fell to less than $25m as of 2016.
Ministry of Finance offers T-Bills, Bonds worth EGP 200.5bn in July, EGP 160.75bn in August, another similar figure in September
Investments of banks operating in local market in government debt instruments amount to EGP 680.882bn
The second tranche consists of EGP 353m, 36-month callable bond with a variable yield of 90 bps over the net after tax return on 182-day Egyptian T-Bills
CBE accepts 24 offers worth $715m with 3.85-3.88% interest