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Egypt to auction $1 billion one-year dollar T-bills on Monday: CBE

Sunday 09/December/2018 - 06:45 PM
Sada El Balad
Hassnein Tayea
Egypt will auction $1 billion worth of one-year dollar-denominated treasury bills next Monday، the central bank of Egypt (CBE) said on Sunday.

The auction will be settled on Tuesday، the bank said.

One-year bills worth about $1.15 billion are due to mature on the same day. The average yield on those bills was 3.495 percent.

In the last dollar-denominated treasury bill auction، on Nov 19، the average yield was 3.697 percent.
Noteworthy، a Treasury bill (T-Bill) is a short-term debt obligation backed by the Treasury Dept. of the U.S. government with a maturity of less than one-year، sold in denominations of $1،000 up to a maximum purchase of $5 million. T-bills have various maturities and are issued at a discount from par، according to Investopedia.

When an investor purchases a T-Bill، the U.S. government effectively writes investors an IOU; they do not receive regular interest payments as with a coupon bond، but a T-Bill does include interest، reflected in the amount it pays when it matures.

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