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Thursday, 25 August 2016

Gov’t holds exceptional EGP 31 bn bond sale, exclusive to state-owned banks

Egypt held an exceptional sale of three-year treasury bonds worth EGP 31 bn carrying a fixed annual yield of 16% payable every six months, according to a bourse statement. The bonds were sold in an exceptional auction that was exclusive to state-owned banks, three bankers told Reuters. The transaction essentially sees the CBE providing the banks with capital on the one hand, then the government withdrawing it with the other, creating an asset in the process that improves the state-owned banks’ capital adequacy ratio. Al Borsa reports that Banque du Caire, Banque Misr and National Bank of Egypt all participated in the sale.

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