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Egypt's c. bank auctions EGP 250m FRN T-bonds
Nada Ali Published in Amwal Al Ghad on 02 - 09 - 2024

The Central Bank of Egypt (CBE) announced on Monday the issuance of 250 million Egyptian pounds worth of floating-rate note (FRN) treasury bonds. The bonds are set to mature on August 06, 2029.
The interest rate on these three-year 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 35.0995 per cent.
A floating-rate note is a debt instrument with a variable interest rate tied to a benchmark rate. They are issued by financial institutions, governments, and corporations with maturities of two-to-five years, according to Investopedia.
Attribution: CBE website

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