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

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.