Egypt’s c. bank issues EGP 9b FRN T-bonds

The Central Bank of Egypt (CBE) announced on Monday the issuance of 9 billion Egyptian pounds worth of floating-rate note (FRN) treasury bonds.

The first batch amounts to five billion pounds for three years with a quarterly return, while the second batch totals four billion pounds for five years with a quarterly return, the bank said.

The interest rate on these three-year bonds will be calculated based on a formula: Coupon = {(Benchmark + Fixed Spread) / (1 – 20%)}.

Attribution: Amwal Al Ghad English