Finance Min. Issues T-Bills worth EGP 27 Billion

By: Taarek Refaat

CAIRO, Dec. 20 (SEE)- The Finance Ministry issued on Thursday 1-year maturity treasury bills worth EGP 26.6 billion up EGP 17.3 billion from the start of the tender process.

According to data published on the Central Bank's website, the Treasury sold T-bills with an average interest rate of 19.9 percent.

The bank received 138 requests from financial entities worth EGP 27.3 billion, of which only 130 were approved to purchase the T-bills.

Despite announcements that the ministry only required EGP 9.250 billion at the beginning of the tender, it issued T-bills in 3 different maturity durations with a total value of EGP 37 billion.

The total return anticipated in the yield to maturity (YTM) ranged from 9-3 months. The 9 months YTM accounted for EGP 8.5 billion, the 6 months for EGP 9.5 billion, and the 3 months for EGP 9.750 billion.