The Central Bank of Egypt (CBE) received bids worth $1.141bn in its latest US dollar-denominated local Treasury bill auction, exceeding the offered amount of $950m, according to data published on the bank’s official website.
The 364-day Treasury bills, offered on Monday and maturing on 2 February 2027, drew 26 bids. The CBE accepted 17 bids worth a total of $961m at a yield of 3.5%, while rejecting higher yield requests that reached up to 4.25%.
The proceeds from the auction will be used to repay the maturity of a previous dollar-denominated Treasury bill issued on 4 February 2025, under which bids worth $1.061bn were accepted. That issue matures on Tuesday.
Subscription to the dollar-denominated Treasury bills is open to local banks and foreign financial institutions, with a minimum investment of $100,000 and multiples thereof.
Investors participate through the same mechanism applied to local-currency Treasury bill offerings. Each primary dealer submits a subscription request to the CBE specifying the desired amount and yield. The central bank then aggregates and evaluates the bids, accepting those it deems appropriate.
The yield on dollar-denominated Treasury bills is determined by several factors, most notably global US dollar interest rates, alternative investment opportunities available to local and foreign banks and financial institutions, and Egypt’s sovereign credit rating.
