Transcript Interest Rate Monitor May 12, 2013

Interest Rate Monitor
May 12, 2013
Brief Overview
International
US: Treasury yields climb most since March; and Fed
outline exit strategy
Eurozone: Bonds suffer sell-off, and data this week is
expected to show the region remain in recession
UK: BoE keeps policy unchanged
MENA Region
Egypt Cabinet reshuffle brings new fiscal targets
GCC News Highlights
GCC interbank rates
Comparative MENA Markets
Japan: Yen experiences new weakness, and G-7
signals acceptance of the slide
Markets overview
Local Economy
New and analysis
Major Indices: Stocks end week at fresh records
 Interest Rate Forecasts
Commodities and Currencies: Gold drops and dollar
hits four year high against yen
 Inflation rises to 7.0% in the first four months
of the year
Central Bank Meeting Calendar
Markets overview
Interest Rate Forecast
The Week Ahead
 Amman Stock Exchange
 Local Debt Monitor
 Prime Lending Rates
2
International
3
US Treasury bond rates:
Yields climb the most since March
•
Treasury 10-year note yields rose the most in two
months as signs the U.S. economy is improving stoked
speculation that there is no need for the Federal Reserve
to ramp up monetary stimulus.
•
The yield on the 10-year US Treasury was up a hefty 9
basis points at 1.90% – for a rise over the week of 16bp.
•
But the main focus in the markets was the dollar, as it
touched a one-month high against a basket of currencies,
following encouraging weekly US jobless claims data,
which appeared to signal improving labor market
conditions.
As of May 10
1 Month
3 Months
6 Months
2 Years
5 Years
10 Years
30 Years
0.02%
0.04%
0.08%
0.24%
0.82%
1.90%
3.10%
1 Week Ago A Month Ago
0.02%
0.05%
0.08%
0.22%
0.73%
1.74%
2.96%
0.06%
0.07%
0.10%
0.23%
0.73%
1.79%
3.00%
4
Fed outlines its exit strategy
•
Federal Reserve officials have mapped out a strategy for
winding down its unprecedented $85 billion-a-month bondbuying program meant to spur the economy—an effort to
preserve flexibility and manage highly unpredictable market
expectations.
•
Officials say they plan to reduce the amount of bonds they buy
in careful and potentially halting steps, varying their purchases
as their confidence about the job market and inflation evolves.
The timing on when to start is still being debated.
•
Officials are focusing on clarifying the strategy so markets don't
overreact about their next moves.
•
Stocks and bond markets have taken off since the Fed
announced in September that it would ramp up the bondbuying program.
•
An abrupt or surprising end to it could send stocks and bonds in
the other direction, but a delayed end could allow markets to
overheat. And some officials feel they've ended other programs
too soon and don't want to repeat the mistake.
5
But timing remains on debate,,,
•
The Fed's strategy on how to unwind the program has emerged as a
source of some uncertainty in markets in the wake of its policy
meeting earlier this month. The Fed said in its post-meeting
statement that it was "prepared to increase or reduce the pace of
its purchases" as the economic outlook evolved.
•
The suggestion that the Fed might boost its bond buying was a
change in the policy statement that seemed to some an
acknowledgment that more aid for the economy might be needed.
Employment data in April were weak and inflation has fallen well
below the Fed's 2% inflation objective, both points that allow
leeway for more stimulus.
•
But many officials believe the recovery is on track and aren't yet
concerned about the inflation slowdown. Instead, the most recent
statement seems more aimed at signaling the Fed's broader
flexibility in managing the programs.
•
Yet while officials appear increasingly settled on a strategy for how
to dial back the program, they haven't decided when to start.
•
Some officials can envision taking a first step this summer, if strong
data show the economy is weathering the tax increases and federal
spending cuts that appear to be weighing on growth.
April
+165,000
6
European bonds suffer sell-off
•
Peripheral yields fell last week following
the ECB’s rate cut at the time. However,
with the Yen weakness, there was a selloff in bonds, though peripheral funding
costs remain low.
•
German sovereign debt fell out of favor.
The German Bund yield was 11bp higher
at 1.38%, a weekly increase of 14bp.
•
Meanwhile, data released this week is
expected to show that the euro area
remained in recession, contracting by
around 0.2% q/q.
•
The contraction should reflect low
growth in Germany and a continued
contraction in France and Italy.
Preliminary GDP for Spain in Q1 has
already been released and it showed a
slowdown of 0.5% q/q.
7
Spanish funding costs fall
•
•
•
Spain's average borrowing costs fell Thursday after the country
took advantage of positive market sentiment for financially
stretched issuers to sell more government bonds than planned
at an auction.
The Spanish Treasury sold €4.57bn in three government bonds,
maturing in 2016, 2018 and 2026, topping its €3.5bn to €4.5bn
target range.
Demand was solid for all the three lines, although the bid-tocover ratios, which show how demand compares to the
amount sold, came in at lower levels for all bonds than other
recent auctions.
•
After Thursday's auction, Spain has completed almost 48% of
its full-year bond issuance target of €121.3bn.
•
The success of the Spanish bond auction comes despite the
country's economic woes. While Spain has made an earnest
effort to reign in public spending, its economy continues to
shrink and unemployment remains high.
•
But peripheral debt, including Spanish bonds, have benefited
from the glut of liquidity, the hunt for yield and from the
European Central Bank's record-low policy rates, analysts said.
Spanish Auction Highlights
Amount
€4.57bn
Type
Yield
Notes
3-year
2.268%
Lowes t s ince April 2010 and
down from 2.81% at previous
s uction held April 18
5-year
2.807%
Lowes t s ince November 2009
15-year 4.354%
Lowes t s ince November 2009
8
Germany likely to skirt recession in the first three
months of the year
•
German imports and exports rose in March slightly after falling the previous
month in a further sign that Europe's largest economy is slowly pulling
away from a contraction at the end of 2012 despite weakness in its
eurozone neighbors.
•
Data from the Federal Statistics Office on Friday showed exports rose by
0.5% versus February, in line with expectations, while imports increased by
0.8%.
•
Exports have traditionally been the backbone of the German economy but
foreign trade is expected to be a drag on growth this year due to weakness
in the eurozone.
•
Economists warned the outlook for exports was not rosy and said Germany
would have to rely more on consumer spending, buoyed by a robust labor
market and wage rises, to support growth this year.
•
The German economy grew strongly during the early years of the eurozone
crisis but it lost momentum last year, with weakness in foreign trade and a
lack of investments driving it to a 0.6% contraction in the fourth quarter.
•
Most economists expect it to skirt a recession by growing moderately in the
first three months of this year and the trade data supports that theory,
especially as it comes on the heels of data showing industrial orders and
output rose in March.
9
UK: BoE keeps policy unchanged for now
•
The Bank of England held off from injecting more stimulus into
the U.K.'s fragile economy on Thursday, but incoming governor
Mark Carney is expected to take action to shore up a fledgling
recovery within months.
•
The central bank held its benchmark interest rate at 0.5% and left
the size of its bond-buying stimulus program at £375bn. The
decision was expected and both sterling and U.K. government
bonds were broadly stable following the announcement.
•
The Monetary Policy Committee's deliberations took place against
a backdrop of promising signals on the U.K. economy. Gross
domestic product expanded 0.3% between January and March,
erasing losses at the end of 2012, and surveys of activity in April in
construction, manufacturing and services suggest the economy
kept growing at the start of the second quarter.
•
The National Institute of Economic and Social Research, a
nonpartisan think tank, said Thursday it estimates that GDP grew
0.8% between February and April, though cautioned that its
estimate was flattered by weakness in the previous three months
and said underlying economic growth remains subdued.
10
BoE keeps policy unchanged for now
•
Britons are continuing to feel the pinch from high inflation and meager
wage increases, denting hopes for a consumer-led recovery. Data from
the British Retail Consortium, published on Wednesday, showed retail
sales at stores open more than a year faltered badly in April, dropping
2.2%.
•
Meanwhile, recession in the eurozone is sapping demand for British
exports, and businesses remain reluctant to invest. The European
Commission lowered its growth forecast for the U.K. in 2013 to a feeble
0.6%, from a previous forecast of 0.9%.
•
The BOE will publish its latest forecasts for economic growth and
inflation on May 15. Gov. Mervyn King will give his final news
conference on monetary policy as governor the same day.
•
Mr. King and two other colleagues on the rate-setting panel have spent
the past few months pushing for more bond purchases but have failed
to win over a majority of their colleagues on the nine-person panel,
many of whom are fretting about inflation. Annual inflation was 2.8% in
March and is expected to stay above the BoE's 2% target for the next
couple of years.
•
A majority of officials also want to see if alternatives to bond-buying,
such as the A funding-for-lending scheme, can do a better job of
spurring growth..
11
Yen's New Weakness
•
The Japanese yen tumbled to trade at 100 to the
dollar for the first time in four years.
•
Rise of Abenomics (monetary easing; fiscal stimulus;
and structural reform) has compelled investors to bet
big against the yen
•
Moreover, stronger-than-forecast employment gains
reported last week and fewer-than-projected jobless
claims helped the dollar rally versus the yen after
passing the 100 level on May 9.
•
During four years of global economic crises,
the Japanese yen became ever-stronger against the
U.S. dollar, as a safe haven for global investors. Late
last year, one dollar bought less than ¥80. With new
Japanese economic policies, the dollar is now trading
above ¥100 for the first time since April 2009.
•
Japanese government bonds suffered a sharp sell-off,
with the 10-year yield recording its biggest one-day
rise since September 2008.
12
G-7 Signals acceptance of the yen’s slide
•
Group of Seven finance chiefs signaled tolerance of the yen’s slide to its weakest since
2008, so long as it doesn’t get out of hand.
•
G-7 finance ministers and central bankers reaffirmed their February commitment to
“not target exchange rates” at a meeting Saturday.
•
While indicating acceptance of the yen’s decline through 100 per dollar, policy makers
said Japan’s recovery program was a key focus of their talks and that they will monitor
the currency’s performance. The yen has fallen 15 percent against the dollar this year
and 13 percent versus the euro as the Bank of Japan stepped up monetary stimulus.
•
While ministers discussed recent stimulus efforts by central banks, there is close
attention that there are no unintended consequences on other countries both via
capital flows or exchange rate movements.
•
Also reports show that finance ministers are increasingly concerned about relative high
liquidity.
•
Moreover, Group of Seven finance ministers and central bankers said they are moving
toward revamping banking rules and ensuring that any lender on the brink of failure can
be shut down without threatening financial stability.
13
Stocks end Friday at fresh records
14
Strengthening dollar hits four-year high against yen
Gold suffers further losses in response to dollar strength
15
Major Interest Rate Forecasts
Market yield
(May 10)
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q2 2014
US 10-year
1.90
1.87
2.02
2.2
2.4
2.56
2.71
Fed Fund Target Rate
0.25
0.25
0.25
0.25
0.25
0.25
0.25
1.38
1.36
1.53
1.72
1.75
1.90
2.10
0.50
0.50
0.50
0.50
0.50
0.50
0.50
1.89
0.50
1.92
0.50
2.11
0.50
2.22
0.50
2.39
0.50
2.41
0.50
2.54
0.50
Rate (%)
United States
Germany
Germnay 10-year
ECB Main Refinancing Rate
United Kingdom
UK 10-year
BoE Bank Rate
Source: Bloomberg
16
The Week Ahead,,,
Economic Data Release Calendar
May 12, 2013 - May 18, 2013
Date
Currency / Event
13-May Mon CNY Industrial Production (YoY)
CNY Retail Sales (YoY)
USD Advance Retail Sales
USD Retail Sales Ex Auto & Gas
CNY Actual FDI (YoY)
14-May Tue EUR German Consumer Price Index (YoY)
EUR German Consumer Price Index - EU Harmonised (YoY)
EUR German ZEW Survey (Economic Sentiment)
EUR Euro-Zone Industrial Production w.d.a. (YoY)
15-May Wed EUR French Gross Domestic Product (YoY)
EUR German Gross Domestic Product w.d.a. (YoY)
EUR Italian Gross Domestic Product s.a. and w.d.a. (YoY)
GBP Jobless Claims Change
GBP ILO Unemployment Rate (3M)
EUR Euro-Zone Gross Domestic Product s.a. (YoY)
GBP Bank of England Inflation Report
USD Empire Manufacturing
USD Industrial Production
USD NAHB Housing Market Index
JPY Gross Domestic Product (QoQ)
JPY Gross Domestic Product Annualized
16-May Thu JPY Industrial Production (YoY)
EUR Euro-Zone Consumer Price Index (YoY)
EUR Euro-Zone Consumer Price Index - Core (YoY)
EUR Euro-Zone Trade Balance s.a. (euros)
USD Consumer Price Index (YoY)
USD Consumer Price Index Ex Food & Energy (YoY)
USD Housing Starts (MoM)
JPY Machine Orders (YoY)
CNY China April Property Prices
17-May Fri EUR Euro-Zone Construction Output w.d.a. (YoY)
USD U. of Michigan Confidence
18-May Sat USD Fed's Bernanke Delivers Commencement Speech at Bard College
GMT
Forecast
Previous
05:30
05:30
12:30
12:30
9.40%
12.80%
-0.30%
0.30%
6.20%
1.20%
1.10%
40.00
-2.10%
-0.40%
0.20%
-2.30%
-3.0K
7.90%
-0.90%
8.90%
12.60%
-0.40%
-0.10%
5.70%
1.20%
1.10%
36.30
-3.10%
-0.30%
0.40%
-2.80%
-7.0K
7.90%
-0.90%
4.00
-0.10%
43.00
0.70%
2.70%
1.20%
1.00%
12.0B
1.30%
1.80%
-5.40%
-4.90%
3.05
0.40%
42.00
0.00%
0.20%
-7.30%
1.20%
1.00%
12.0B
1.50%
1.90%
7.00%
-11.30%
77.60
0.80%
76.40
06:00
06:00
09:00
09:00
05:30
06:00
08:00
08:30
08:30
09:00
09:30
12:30
13:15
14:00
23:50
23:50
04:30
09:00
09:00
09:00
12:30
12:30
12:30
23:50
01:30
09:00
13:55
15:00
17
Central Bank Meetings Calendar
Calendar for upcoming meetings of main central banks :
Central Bank
Month
Current Rate
Expected Rate
Decision
US Federal Reserve (FOMC)
June 19
0.25%
0.25%
European Central Bank (ECB)
June 6
0.50%
0.50%
Bank of England (BoE)
June 6
0.50%
0.50%
Bank of Japan (BOJ)
June 10
0.10%
0.10%
Swiss National Bank (SNB)
June 20
0.00%
0.00%
Bank of Canada (BOC)
May 29
1.00%
1.00%
Reserve Bank of Australia (RBA)
June 4
2.75%
2.75%
Reserve Bank of New Zealand (RBNZ)
June 12
2.50%
2.50%
18
Regional
19
Egypt: Cabinet shuffle brings new fiscal targets
•
Nine new Egyptian ministers joined President Mohammed Morsi's
Cabinet last week, in a reshuffle that officials said was aimed at
addressing the country's financial woes and securing a much-needed
international loan. The new cabinet is expected to set new fiscal
deficit targets and will hopefully secure Egypt the IMF loan.
•
Egypt’s budget deficit in the nine months to March rose to 175.9
billion EGP ($25.3 billion), or 10.1% of gross domestic product. The
budget deficit is expected to reach around 200 billion Egyptian
pounds ($28.75 billion) at the end of the fiscal year, or 11.5% of GDP.
New Investment Minister Yehya Hamed has put a target of 9.5% of
GDP for the upcoming fiscal year 2013/14.
•
In addition, Egypt's new Planning Minister Amr Darrag said that the
government was targeting economic growth of 4.1% in the 2013/14
fiscal year, revised from 3.8%.
•
The IMF said on Thursday it was not currently planning a new visit to
Egypt to discuss the program as it was awaiting new economic data
and reform plans from the government, after it recently visited the
country.
•
Planning Minister Amr Darrag said "I am not sure about the time of
return but what I am sure about is that we are going to close a deal
because there is a lot of agreement."
Source: Bloomberg
20
Egypt News Highlights
•
Egypt’s urban Consumer Price Index (CPI) grew by 8.1% in the 12
months to April. Egypt's pound has officially lost more than 15%
of its value against the US dollar since the beginning of 2013,
driving these high inflation rates.
•
Egypt’s net international reserves rose in April to $14.4 billion, in
the first increase since October. Reserves grew from $13.4 billion
in March. The increase reflects the $2 billion deposit placed by the
Libyan government according to the Libyan Central Bank
Governor.
•
Egypt’s central bank kept its benchmark overnight deposit rate
unchanged at 9.75%. The overnight lending rate was also
maintained at 10.75%. The central bank was expected to raise the
deposit rate by 25bps to reach 10%, according to the median of
six estimates in a Bloomberg survey. The central bank last raised
the deposit rate in March, which was the first increase since
November 2011.
•
In other news, Ratings agency S&P’s downgraded Egypt's longand short-term credit rating over the government's failure to
meet the country's fiscal needs. Egypt's long-term rating was
lowered to 'CCC+' from 'B-', while its short-term rating dropped to
'C' from 'B', the agency said in a statement.
Source: Bloomberg
21
GCC Economic News Highlights
•
Qatar’s international reserves surge to $38bn: Qatar’s international
reserves have reached $38bn in March on the back of a strong growth in
foreign exchange receipts from rising exports. Qatar Central Bank’s
international reserves have been steadily increasing since 2000 as foreign
exchange receipts from exports grew. The pullback in reserves in 2011 was
largely due to capital outflows for the purchase of foreign assets. Four Asian
countries, Japan, South Korea, India and China, remained the top export
destinations for Qatar and accounted for more than 75% of the country’s
exports.
•
S&P affirms Qatar ratings; outlook remains stable: Global credit rating
agency Standard & Poor’s has affirmed its long- and short-term foreign and
local currency ratings on Qatar at ‘AA/A-1+’ with a stable outlook. The
ratings on Qatar reflect its view of high economic wealth and strong fiscal
and external balance sheets, it said. Finding that structural weaknesses and
challenges remain, S&P said the country’s public institutions are in the early
stages of development compared with most ‘AA’ rated sovereigns. Given
the fixed exchange rate with the dollar, the agency views the central bank’s
monetary policy flexibility as “limited.”
•
Qatar bank sector sees profits drop, but insurers stand tall: The banking
and financial services segment, which has 12 constituents, saw its overall
net profitability decline to 3.81% in the first quarter of 2013 against 12.88%
in the previous year quarter amid reports of inertia on credit pickup as well
as low non-interest earnings. Qatar’s financial landscape presented a mixed
picture in the first quarter of this year with the banking sector witnessing
net profitability decline, while the insurance sector exhibited a splendid
performance.
22
GCC Economic News Highlights
•
Saudi Arabia's non-oil exports fell in March: Saudi Arabia's non-oil
exports fell 5.9% to 17 billion Saudi riyals ($4.6 billion) in March,
pushed down by a drop in petrochemicals exports, the government
said Saturday. Saudi Arabia, the world's largest oil exporter, has
been building up its petrochemicals industry using its natural gas
reserves as feedstock. In March, petrochemicals exports fell 8.3%
to SAR5.5 billion.
•
Saudi Arabia defies global slump to post 7% economic growth:
Saudi Finance Minister Ibrahim Al-Assaf has said the Kingdom
achieved a growth rate of 7% due to its sound economic policy and
planning carried out with the private sector participation. Fitch
Ratings Agency recently raised the sovereign rating of the
Kingdom to a higher degree (-AA) with a positive outlook, further
solidifying Saudi’s sound economic policy.
•
This year, higher oil prices will ally with record spending to boost
Saudi Arabia's economy by more than $24 billion in current prices
to maintain its position as having the largest economy in the
Middle East. The increase will widen the Gulf Kingdom's GDP per
capita to its highest ever level in 2013 despite a projected rise of
around 900,000 in its population, according to one study.
23
Comparative MENA Markets
For the period 05/05 – 10/05
24
Locally
25
Local interest rates forecasts and major developments
Market yield
(May 12)
Q2 2013
Q3 2013
Q4 2013
Jordan
2-year Treasury
6.04
6.5
6.25
6.00
Window Rate
4.00
4.00
4.00
3.75
Rate (%)
Source: CAB forecasts
•
Excess liquidity fell slightly last week,
which could be due to a rise in
government borrowing.
•
Moreover, it could be due to the end of
the fiscal year and therefore industries
are paying dividends and taxes to
offshore countries.
Government Bonds (up to 12th May):
26
Inflation up 7.0% during first third of 2013
•
According to figures released by the Department of
Statistics, the inflation rate reached 7.0% during the
first third of 2013 compared to the same period last
year.
•
Among the main commodities
contributed to this increase were:
Transportation (18.60%)
Fuel and Electricity (25.20%)
Meat and Dairy (8.00%)
Fruits and Vegetables (18.50%)




groups
which
•
The report also showed that inflation rate for April
2013 has increased by 6.0% compared with April the
previous year.
•
Among the main commodities
contributed to this increase were:
Transportation (15.50%)
Fuel and Electricity (24.20%)
Meat and Dairy (6.00%)
Fruits and Vegetables (15.20%)




groups
which
“The central bank managed pressures on
reserves well by raising interest rates and
maintaining the attractiveness of dinardenominated assets. Its focus on further
building foreign exchange reserves and
containing inflation remains warranted”
….. IMF Statement April 11th 2013
27
Weighted average rates on deposits continues to rise
•
The weighted average interest rate on deposits
with licensed banks continued to rise, reaching
4.75% in March.
•
Our studies show that the increase in the weighted
average interest rates came as a result of an
increase on outstanding deposit rates rather than
newly attracted deposits given higher rates.
•
All JOD deposits at banks grew by 900 million JD
since the beginning of the year to reach 25.9 billion
JD, or a 3.61% increase.
•
•
On the other hand, USD deposits at licensed banks
decreased by 52.2 million JOD to reach 7.21 billion
JD, or a decrease of 0.72%.
The increase in JOD deposits and decrease in USD
deposits reflects a slowdown in the dollarization
wave last year.
Time Deposits at Licensed Banks
JOD (in MIO)
USD (in MIO)
Dec-12
11,027
2,776
Jan-13
11,226
2,757
Feb-13
11,504
2,700
Mar-13
11,648
2,658
28
Amman Stock Exchange
For the period 05/05 – 09/05
ASE free float shares’ price index ended the week at (2031.2)
points, compared to (2005.3) points for the last week,
posting an increase of 1.29%. The total trading volume
during the week reached JD(39.9) million compared to
JD(32.7) million during the last week. Trading a total of
(41.6) million shares through (22,014) transactions
The shares of (173) companies were traded, the shares
prices of (83) companies rose, and the shares prices of (63)
declined.
Top 5 losers for the last week
Top 5 gainers for the last week
Stock
% chg
Stock
% chg
United Arab Investors
27.25%
Arab Real Estate Development
(20.00%)
Northern Cement Co.
22.73%
Ihdathiat Co-ordinates
(19.72%)
Jordan Steel
21.11%
The Investors And Eastern Arab For Industrial And Real Estate
Investments
(18.88%)
Taameer Jordan Holdings Public Shareholding Company
20.00%
Arab Center For Pharm.& Chemicals
(17.39%)
United Cable Industries
10.53%
East Specialized Cables Company/mesc_jordan Plc
(16.67%)
29
Local Debt Monitor
Latest T-Bills

As May 12, the volume of excess reserves, including the overnight window deposits held at the CBJ
JD(2,573) million.
3 months T-Bills
Issue Date
Maturity Date
Size - million
Yield (%)
29/2011
14/12/2011
14/03/2012
50
2.898%
28/2011
12/12/2011
12/03/2012
50
2.844%
6 months T-Bills
Issue Date
Maturity Date
Size - million
Yield (%)
02/2012
14/02/2012
14/08/2012
50
3.788%
01/2012
23/01/2012
23/01/2012
50
3.433%
27/2011
08/12/2011
08/06/2012
50
3.232%
9 months T-Bills
Issue Date
Maturity Date
Size - million
Yield (%)
05/2012
04/03/2012
04/12/2012
75
4.285%
04/2012
29/02/2012
29/11/2012
75
4.229%
03/2012
22/02/2012
22/11/2012
75
4.169%
1 year T-Bills
Issue Date
Maturity Date
Size - Million
Coupon (%)
04/2013
15/04/2013
15/04/2014
75
5.345%
03/2013
26/02/2013
26/02/2014
70
6.750%
02/2013
14/02/2013
14/02/2014
50
6.750%
01/2013
27/01/2013
27/01/2014
70
6.750%
30
Local Debt Monitor
Latest T-Bonds Issues
2 years T-Bonds
Issue Date
Maturity Date
Size - million
Coupon (%)
T2613
28/04/2013
28/04/2015
50
6.039%
T2213
10/04/2013
10/04/2015
75
6.604%
T2113
08/04/2013
08/04/2015
50
6.788%
3 years T-Bonds
Issue Date
Maturity Date
Size - million
Coupon (%)
T2713
30/04/2013
30/04/2016
75
6.523%
T2313
17/04/2013
17/04/2016
75
6.980%
T1913
31/03/2013
31/03/2016
75
7.770%
4 year T-Bonds
Issue Date
Maturity Date
Size - million
Coupon (%)
T0312
15/01/2012
15/01/2016
37.5
7.246%
T4211
16/11/2011
16/11/2015
50
6.475%
5 years T-Bonds
Issue Date
Maturity Date
Size - million
Coupon (%)
T2813
08/05/2018
08/05/2018
50
7.474%
T2513
24/04/2013
14/04/2018
75
7.585%
Public Utility Bonds
Issue Date
Maturity Date
Size - million
Coupon (%)
PB56 (Water Authority)
12/05/2013
12/05/2016
30
6.662%
PB005 (Housing & Urban Development)
29/07/2012
29/07/2015
20
7.966%
PBO12 (National Electricity)
26/04/2012
26/04/2017
150
7.724%
31
Prime Lending Rates
32
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