Egypt’s CBE offers EGP 1.5b FRN T-bonds

The Central Bank of Egypt (CBE) announced on Monday the issuance of 1.5 billion Egyptian pounds worth of floating-rate note (FRN) treasury bonds.

The auctioned bonds are divided into two offerings. The first offering amounts at 1 billion pounds for a period of three years and the second offering is worth 500 million pounds for five years.

The interest rate on these bonds will be calculated based on a formula: Coupon = {(Benchmark + Fixed Spread) / (1 – 20%)}. The bonds will pay interest quarterly, with an indicative spread of -0.0203 and 0.1124 per cent, respectively.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser