Local, international financial institutions offer to invest $1.755bn in CBE’s T-bills

The Central Bank of Egypt (CBE) has received offers from international and local financial institutions to invest in local treasury bills (T-bills) denominated in US currency, which were issued on Monday.

The CBE floated the $1.56bn worth T-bill tender for a year, due on 16 November 2021.

According to the CBE, it received 38 bids worth $1.755bn to cover this bid, but only 33 bids worth $1.585bn were accepted.

The return accepted by the CBE ranged between 3.34% and 3.401%, and averaged 3.394%, compared to 3.42%, 3.45%, and 3.446% in the last similar bid put forward by the CBE on 8 June 2020. The CBE rejected other offers from investors who requested a 4% return.

The proceeds of this bid will be used to pay for a previous bid put forward by the CBE on 19 November 2019, through which it obtained $1.56bn.

Read More: https://dailynewsegypt.com/2020/11/16/local-international-financial-institutions-offer-to-invest-1-755bn-in-cbes-t-bills/?utm_source=DailyNewsEgypt&utm_campaign=718f35a2ed-EMAIL_CAMPAIGN_2018_07_29_01_40_COPY_567&utm_medium=email&utm_term=0_fe8852fb45-718f35a2ed-44872368