Egypt Plans Floating Rate Note Worth 1 Bln EGP

Egypt’s central bank will issue the country’s first floating rate notes on Sept. 18, the bank said on Wednesday, as the government moves to capitalise on falling yields.

The notes, which are bonds with variable coupons, are worth 1 billion Egyptian pounds ($164.15 million) and will mature on Sept. 16, 2014, the bank said, setting Sunday as the deadline for submissions.

Reuters