Transcript Interest Rate Monitor February 17, 2013

Interest Rate Monitor
February 17, 2013
International
2
US Treasury bond rates
• Treasuries fell, extending the worst start of a year for benchmark
10-year notes since 2011, as reports suggested the U.S. economic
recovery is gaining momentum.
• Yields on 10-year notes have climbed 24 basis points since
December. The yield reached a high for the week of 2.06% Feb.
14, a day after the U.S. sold $24 billion of 10-year notes at higherthan-forecast yields. The yield dropped to as low as 1.94% on
Feb. 11.
As of February 16 1 Week Ago A Month Ago
1 Month
3 Months
6 Months
2 Years
5 Years
10 Years
30 Years
0.09%
0.10%
0.13%
0.27%
0.86%
2.01%
3.18%
0.04%
0.07%
0.11%
0.25%
0.83%
1.96%
3.17%
0.07%
0.08%
0.11%
0.25%
0.74%
1.82%
3.01%
• 30-year bond yields also rose one basis point to 3.18% last week.
3
US consumers are so far holding up, as readings
bolster hope on recovery momentum
•
U.S. consumers are showing surprising resilience, providing some hope for
the economy as a new round of Washington budget battles approaches.
•
A jump in property values, a slow and steady improvement in the jobs
market and stocks at five-year highs have spurred spending by Americans.
Q4:
-0.1%
•
Consumer confidence jumped more than expected in the first half of this
month despite higher payroll taxes since the beginning of the year,
according to a gauge released Friday by the University of Michigan
•
Consumers are facing a significant drag on their incomes this year. Congress
and the White House reached an agreement to avert the so-called fiscal
cliff, but allowed a temporary cut in Social Security withholdings to expire
Dec. 31. That pushed payroll taxes back to 6.2% from 4.2%, meant smaller
paychecks for many Americans in the new year.
•
Economists expect tax increases to weigh on the economy in the first half
of 2013 by prompting Americans to cut spending, which makes up about
two-thirds of demand. Higher taxes come as gasoline prices are rising,
putting more pressure on consumers.
4
Sales data so far holding up … but manufacturing
data remains mixed
•
Still it could be months before the full impact on the economy is
clear.
•
U.S. retail sales rose 0.1% in January to a seasonally adjusted $416.6
billion, the Commerce Department said Wednesday.
•
Nevertheless, a measure of retail sales excluding gasoline, cars and
building materials—which economists prefer because it is closer to
how government analysts view consumption when calculating the
nation's economic growth rate—weakened in January, rising 0.2%,
against 0.7% in both December and November.
•
US industrial production shrank in January after the biggest back-toback gain in three decades. A weak manufacturing sector, which
makes up about 12% of the US economy, has so far held back growth
especially with rebounds in housing and consumer spending.
•
Output at factories, mines and utilities fell 0.1% last month after a
0.4% gain in December, figures from the Federal Reserve showed on
Friday. While economists had expected a 0.3% rise in January,
revised data for November and December showed the biggest twomonth gain since 1984.
5
Volatility still present in euro area markets
•
Spanish and Italian bonds rose as debt sales this week
allayed concern the nations may struggle to raise funds
amid political instability before Italy goes to the polls to
elect a new prime minister.
•
Spain exceeded the Madrid-based Treasury’s sales target
when it auctioned six- and 12-month bills on Feb. 12. Italy
sold bonds on Feb. 13 in its last offering before the Feb.
24-25 elections.
•
Spain’s 10-year yield fell 17 basis points, or 0.17
percentage point, this week to 5.18%. The Italian 10-year
yield declined 17 basis points to 4.38%.
•
Italian and Spanish securities held gains despite a report
on Feb. 14 that showed the region’s recession deepened
more than economists predicted.
•
Meanwhile, German government bonds handed investors
a loss of 1.6% this year through Feb. 14, according to
indexes compiled by Bloomberg. Italian debt returned
1.2% and Spanish securities gained 2.2%.
6
Source: Bloomberg
Eurozone recession deeper than expected
•
The eurozone's economy shrank last quarter at the fastest pace since
the height of the world recession in early 2009, as a worsening slump
in Italy and other southern European countries infected the bloc's core
economies of Germany and France.
•
GDP in the euro zone fell 0.6% in the fourth quarter compared with
the third, according to the Eurostat report. Economists had expected a
0.4% drop.
It was the third straight GDP decline and fifth straight quarter in which
the currency bloc failed to expand. For 2012 as a whole, GDP fell 0.5%
from the prior year.
•
•
•
•
•
The report on gross domestic product from the European Union's
statistics office highlights a key risk for the currency bloc as Europe's
debt crisis enters its fourth year.
Financial market conditions have improved markedly since last
summer, due in large part to the European Central Bank's pledge to do
"whatever it takes" to preserve the euro. But these gains haven't
translated into new business activity.
The 2.3% drop in eurozone gross domestic product in the fourth
quarter, at an annualized pace, suggests that Europe's economic and
financial crisis is far from over.
It will likely add to challenges on European authorities' insistence that
fiscal austerity lead to growth by boosting business confidence.
7
Strengthening euro could hurt eurozone recovery potential
•
•
The fall was led by Germany and France, whose gross domestic product shrank more than expected in
the fourth quarter, highlighting the fragility of forecasts for a eurozone recovery this year.
GDP in Germany, Europe's largest economy, fell 0.6% from the previous quarter on declining exports
and investment. France, the bloc's second biggest, declined 0.3%.
•
The contraction in Germany is, however, widely expected to be short-lived, as recent business surveys
have been much more upbeat. By contrast rising unemployment in France, and the likelihood it will
need more austerity to comply with fiscal targets, makes its route to recovery less certain.
•
Nevertheless, the steep German decline reflected a sharp drop in net exports and investment in plants
and machinery. This weakness underscores how the recent appreciation of the euro could threaten an
export-led recovery.
•
•
Other large economies including Italy, Spain and the Netherlands contracted.
Italy's GDP plummeted 0.9% from the previous quarter, a much sharper rate of decline than the third
quarter. Spain's downturn also deepened. Portugal's GDP slid 1.8% in the final three months of 2012,
double the third quarter's rate of decline.
•
Without growing economies, Spain and Italy will likely see government-debt burdens increase even as
they undertake austerity measures such as higher taxes and reduced spending. That could revive
doubts in financial markets about the sustainability of their finances.
8
UK: BoE raises inflation target
•
The Bank of England Wednesday raised its forecasts for U.K. inflation in
the coming years, suggesting a long-standing squeeze on consumers will
continue, limiting the economy's prospects for a strong recovery.
•
The bank's policy makers have made it clear they don't intend to tighten
policy in response to above-target inflation due to the weak economy,
but the prospect of higher inflation could deter some members of the
Monetary Policy Committee from pushing for more stimulus.
•
The U.K.'s central bank said inflation is likely to rise further in the near
term and to overshoot its 2.0% target at least for the next two years,
even as economic growth remains slow.
The upward revision was mainly driven by the fall in sterling and a
stronger outlook for energy prices.
•
•
The BoE said risks to the economy from the crisis in the euro zone and
from restricted credit in the U.K. banking system have lessened.
•
The most recent official data show inflation running at 2.7% in January,
considerably above most measures of wage growth, which means many
Britons continue to face pay cuts in real terms forcing them to cut
spending, a key pillar of growth in the U.K. economy.
9
Source: BoE February Inflation Report
Japanese surprise contraction
•
Data released showed weaker-than expected Japanese GDP figures.
Asia’s second largest economy contracted 0.1% between October
and December, or 0.4% on an annualized basis, the third consecutive
contraction.
•
However, the Japanese economy started to stabilize around
December 2012, and is set to recover markedly in the coming
months supported by fiscal stimulus and a gradual recovery in
exports amidst a weaker yen.
•
The Bank of Japan as expected decided to keep its key monetary
policy unchanged at its policy board meeting Thursday, with less
than a month having elapsed since it introduced a landmark 2.0%
inflation target and took additional easing steps.
•
In the statement the BoJ was slightly more positive on the economy,
and it remains in a wait-and-see-mode until a new governor and two
deputy governors are appointed to its board on March 19.
•
Meanwhile, the yen has been at the center of a heated debate over
exchange rate targeting that has seen global policy makers hinting
that they would welcome weaker currencies to stimulate their
economies.
10
G20: No currency wars
•
Global currency markets have been unusually volatile in the runup to the meeting of Group of 20 officials from the world’s largest
economies in Moscow to discuss international financial stability.
•
Officials said on Friday they regarded Japan’s loosening of
monetary policy as a domestic economic policy and not an
attempt to target the exchange rate.
•
Earlier in the week, the G7 group of developed economies said
that central banks should not target their exchange rates but
added that monetary easing which had the side-effect of
weakening a country’s currency was allowed.
•
In the end, G20 finance chiefs sharpened their stance Saturday
against governments trying to influence exchange rates as they
sought to tame speculation of a global currency war without
singling out Japan for criticism.
•
While, the statement contains to public censure for Japan, the
final position was stronger than their position three months ago
and leaves Japanese officials under pressure to stop publicly
giving guidance on their currency’s value.
11
Stocks rally stalls as focus turns to currencies
12
Gold stumbles to $1,600 on recovery hopes
13
Major Interest Rate Forecasts
Rate (%)
Market yield
Q1 2013
(February 17)
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
United States
US 10-year
2.00
1.92
2.03
2.18
2.32
2.51
2.67
Fed Fund Target Rate
0.25
0.25
0.25
0.25
0.25
0.25
0.25
1.65
1.60
1.68
1.78
1.9
2.01
2.16
0.75
0.75
0.75
0.63
0.63
0.63
0.75
2.19
0.50
2.01
0.50
2.13
0.50
2.25
0.50
2.43
0.50
2.48
0.50
2.62
0.50
Germany
Germnay 10-year
ECB Main Refinancing Rate
United Kingdom
UK 10-year
BoE Bank Rate
Source: Bloomberg
14
The Week Ahead,,,
Economic Data Release Calendar
February 17, 2013 - February 22, 2013
Date
18-Feb Mon
20-Feb Wed
21-Feb Thu
22-Feb Fri
Currency / Event
JPY Machine Tool Orders (YoY)
EUR Euro-Zone Current Account s.a. (euros)
AUD RBA Policy Meeting Minutes
EUR Euro-Zone Construction Output w.d.a. (YoY)
EUR Euro-Zone ZEW Survey (Economic Sentiment)
EUR German ZEW Survey (Economic Sentiment)
JPY Merchandise Trade Balance Total (Yen)
JPY Merchandise Trade Exports (YoY)
JPY Merchandise Trade Imports (YoY)
EUR German Producer Prices (YoY)
EUR German Consumer Price Index (YoY)
EUR German Consumer Price Index - EU Harmonised (YoY)
GBP Bank of England Minutes
GBP Jobless Claims Change
GBP ILO Unemployment Rate (3M)
USD Producer Price Index (YoY)
EUR Euro-Zone Consumer Confidence
USD Fed Releases Minutes from Jan 29-30 FOMC Meeting
EUR German Purchasing Manager Index Manufacturing
EUR German Purchasing Manager Index Services
EUR Euro-Zone Purchasing Manager Index Manufacturing
EUR Euro-Zone Purchasing Manager Index Services
EUR Euro-Zone Purchasing Manager Index Composite
USD Consumer Price Index (YoY)
USD Consumer Price Index Ex Food & Energy (YoY)
USD Markit US PMI Preliminary
USD Existing Home Sales
USD Existing Home Sales (MoM)
CNY China Property Prices
EUR German Gross Domestic Product s.a. (QoQ)
EUR German Gross Domestic Product w.d.a. (YoY)
European Commission Releases Economic Growth Forecasts (Table)
EUR Euro-Zone Consumer Price Index (YoY)
EUR Euro-Zone Consumer Price Index - Core (YoY)
CAD Consumer Price Index (YoY)
CAD Bank Canada Consumer Price Index Core (YoY)
GMT
06:00
09:00
00:30
10:00
10:00
10:00
23:50
23:50
23:50
07:00
07:00
07:00
09:30
09:30
09:30
13:30
15:00
19:00
08:30
08:30
09:00
09:00
09:00
13:30
13:30
13:58
15:00
15:00
01:30
07:00
07:00
10:00
10:00
10:00
13:30
13:30
Forecast
Previous
14.8B
35.00
-¥619.1B
4.70
-0.60
1.20%
1.70%
1.90%
-4.70%
31.20
31.50
-¥641.5B
-5.80
1.90
1.50%
1.70%
1.90%
-6.0K
7.70%
1.60%
-23.10
-12.1K
7.70%
1.30%
-23.90
50.00
55.20
48.40
49.00
1.70%
1.80%
49.80
55.70
47.90
48.60
48.60
1.70%
1.90%
4.91M
-0.70%
4.94M
-1.00%
-0.60%
0.40%
-0.60%
0.40%
1.50%
0.80%
1.10%
15
Central Bank Meetings Calendar
Calendar for upcoming meetings of main central banks :
Current
Rate
Expected Rate
Decision
March 20
0.25%
0.25%
European Central Bank (ECB)
March 7
0.75%
0.75%
Bank of England (BoE)
March 7
0.50%
0.50%
Bank of Japan (BOJ)
April 3
0.10%
0.10%
Swiss National Bank (SNB)
March 14
0.00%
0.00%
Bank of Canada (BOC)
March 6
1.00%
1.00%
Reserve Bank of Australia (RBA)
March 5
3.00%
3.00%
Reserve Bank of New Zealand (RBNZ)
March 13
2.50%
2.50%
Central Bank
Month
US Federal Reserve (FOMC)
16
Regional
17
Egypt’s political unrest continues to hinder attempts to
stabilize the economy
Pound continues to fall and IMF loan still unclear
•
Egypt’s pound weakened to a record low against the dollar in interbank
trade. This followed a foreign currency sale on Thursday, but trading
volumes were low as authorities reduced supply of dollars in the market
in an effort to stabilize the pound. The pound traded just above 6.73
against the dollar.
•
The central bank has cut back in the past week on the volume of dollars
on offer to slowdown the pound’s slide and avoid a full currency crisis.
This has forced ordinary Egyptians to buy their dollars on the black
market.
•
Two years of political unrest have triggered a flight into dollars, draining
foreign reserves which the central bank said fell to $13.6 billion at the
end of January – below the $15 billion threshold needed to cover 3
months of imports.
•
Meanwhile, Egypt has finished revising an economic reform plan needed
for a $4.8 billion IMF loan, prime minister Hisham Kandil said on
Wednesday, but he did not say when the government might return to
negotiations with the fund.
•
Nevertheless, news report have said that Egypt’s government will delay
by up to three months a rationing of subsidized fuel initially set for April
as part of austerity measures to secure the IMF loan.
18
Moody’s downgrade weighs on local investor sentiment
•
Moody's Investors Service has today downgraded Egypt's
government bond ratings to B3 from B2, while maintaining the
rating on review for further possible downgrade.
•
The one-notch downgrade was prompted by the following
factors:
•
•
–
The economic impact of the intensification of civil unrest.
–
The further weakening in Egypt's external payments
position, given the large drop in January in the level of
international reserves held by the Central Bank of Egypt
(CBE).
–
The continued uncertainty surrounding the Egyptian
government's ability to secure financial support from the
International Monetary Fund (IMF).
On Thursday, Moody’s lowered government-owned banks’
(National Bank of Egypt, Banque Misr, Banque Du Caire)
standalone credit assessments to CAA2 from B3.
Meanwhile, Commercial International Bank and Bank of
Alexandria’s standalone credit assessment went down from B2
to B3.
19
Structural challenges continue to constrain GCC
sovereign ratings
•
GCC (Gulf Co-operation Council) sovereign ratings would likely have been higher if not for two overarching
structural challenges namely, limited monetary policy flexibility and underdeveloped political and institutional
frameworks, S&P said.
•
"Weaknesses" include the quality of policy debate; the strength and depth of institutions; transparency of decisionmaking; data monitoring and reliability of information; legal frameworks and the rule of law; and succession risks.
These partly reflect the relative short history of the GCC nation states and the government's role as wealth
distributor, creating less urgency for institutional depth, S&P said.
•
Nevertheless, S&P said in its report that Gulf economies remain insulated from economic and political turbulence
in the broader MENA region, and globally, and forecast 4.6% GDP growth for the region in 2013.
•
Moreover, the report stated that Bahrain has the largest debt burden with public debt as a percentage of GDP at
34%, followed by Qatar (29%). Other GCC nations have meager public debt, below 10% of the GDP.
•
Meanwhile, S&P is expecting a contraction of Qatar real GDP per capita growth from 2012 onwards, as the large
investment programme to boost liquid natural gas production capacity runs out. Qatar currently holds the world
highest GDP per capita with an estimated US$104,000 in 2012, and S&P’s assigned AA/stable/A-1+ rating to the
country maintaining its “stable outlook”.
•
However, the banking system’s increasing reliance on external funding represents an external risk, S&P said. “In
2012, we estimate that the banking system’s net external liability position increased to US$22bn from US$12bn in
2011. Nevertheless, we expect Qatar’s net external asset position to continue to grow to over 100 percent of
current account receipts,” S&P's reported.
20
GCC economic news highlights
Oil income to drop in 2013 as output falls
•
Mena oil exporters record high growth in 2012: The economies of hydrocarbon
producers in the Gulf and other regional countries are expected to have grown by
around 5.5% in 2012 but growth could decline in 2013 due to lower oil output in the
UAE and other Gulf crude exporters.
•
High growth in 2012 was a result of an increase in oil output by most producers in
the Middle East and North Africa (MENA) with the exception of sanctions-hit Iran,
the Washington-based Institute for International Finance (IIF) said in a study.
•
"Overall growth is projected to moderate to 3.9% in 2013, as crude oil production
will be restrained in Saudi Arabia, Kuwait, and the UAE," it said.
•
As for finances, expansionary fiscal and monetary policies adopted by many regional
states are expected to remain in place in light of the continued substantial
hydrocarbon revenues, the peg to the dollar, and the rebound in private credit.
•
Saudi oil income to fall by $68bn in 2013: Although the world's dominant oil
supplier and largest Arab economy has approved a record high budget for 2013, its
foreign assets will still swell by about $47 billion this year to maintain its position as
having the largest official reserves in the Arab world.
•
Higher output and prices boosted the Gulf Kingdom's oil export earnings to an all
time high of around $347 billion in 2012 but the income is forecast to tumble to
nearly $279 billion this year, the Riyadh-based Jadwa Investments said.
21
GCC economic news highlights
•
UAE attracts FDI of USD8.2bn: In 2012, foreign investment in
the UAE stood at USD8.2bn amid huge inflow from Egypt,
Tunisia, Syria, Yemen and other Arab nations. The investments
were boosted by political tensions in neighboring countries,
which prompted investors to seek safe havens.
•
Bahrain's economy grew 4.4% in the first three quarters of
2012 mainly driven by a strong recovery in the non-oil sector,
and real full-year growth is estimated at 3.9%, the Bahrain
Economic Development Board , or EDB , said on Tuesday.
•
Growth is also likely to pick up further in 2013, around 6%, due
to planned large-scale industrial investments and growth in
infrastructure spending.
•
Qatar's inflation, based on consumer price index (CPI), rose
3.4% y-o-y and the index was up 0.7% m-o-m in January 2013,
figures released by the Qatar Statistics Authority revealed.
•
GCC to invest USD36bn in port infrastructure: GCC countries
plan an investment of USD36bn to develop port infrastructure
in the next few years amid increasing foreign non-oil trade
volumes.
22
Comparative MENA Markets
For the period 10/02 – 15/02
23
Locally
24
Local interest rates forecasts and major developments
Rate (%)
Jordan
2-year Treasury
Window Rate
Market yield
Q1 2013
(February 17)
7.95
4.00
7.95
4.00
Q2 2013
Q3 2013
Q4 2013
7.75
4.00
7.95
4.25
8.25
4.25
Source: CAB forecasts
•
The excess liquidity in the banking system has
decreased by more than JD 200 million since the
beginning of 2013.
•
The drop in liquidity is mainly attributed to the
issuance of new JD denominated government
bonds.
•
However, excess Liquidity has showed some
improvement in the past week, and the trend is
expected to continue as the government is
anticipated to start borrowing externally next
month.
25
Jordan to start borrowing externally
•
In an effort to tackle fiscal reform and public debt, the
Ministry of Finance is planning on offering a Eurobond
with a face value of $750 million to $1.50 billion. The
bond will be auctioned in the global market, but over two
phases to achieve better borrowing terms and the lowest
interest rates.
•
The first phase will include a total of $500 to $750 million
and is expected to proceed after the planned IMF visit to
the country. The second phase is then expected to begin
after the IMF submits its final report on the performance
of the Jordanian economy and grants Jordan the second
tranche of the loan. The second tranche should arrive at
the end of April or the beginning of May according to
reports (depending on the workflow with the IMF).
•
The head of the IMF mission to Jordan, Christina Kostyal,
indicated that the performance of the Jordanian economy
under the framework set by the IMF was “good”. Kostyal
stated that the Jordanian government and the IMF are
having constructive discussions to pave way for a road
map for the future and how to overcome the challenges
facing the Kingdom.
26
Fiscal budget deteriorates further amid foreign grant
drought
JD Million
Total Revenues and Grants
Domestic Revenue
Foreign Grants
Total Expenditures
Current Expenditures
Capital Expenditures
Fiscal Deficit/Surplus Including Grants
Fiscal Deficit/Surplus Excluding Grants
November November
2011
2012
2011
Preliminary
4,515.70
4,419.10
96.6
5,942.90
5,430.40
512.5
-1,427.20
-1,523.80
4,989.40
3,888.10
1,101.30
5,735.30
5,109.80
715.5
-745.9
-1,847.20
5,413.90
4,198.90
1,215.00
6,801.80
5,743.30
1,058.50
-1,387.90
-2,602.90
2010
Actual
4,662.80
4,261.10
401.7
5,708.00
4,746.60
961.4
-1,045.20
-1,446.90
JD Million
October September
2012
2012
External Debt
Percent of GDP
Internal Debt
Percent of GDP
Public Debt
Percent of GDP
4,867.30
22.10%
11,482.00
52.30%
16,349.30
74.20%
2011
2010
4,767.20 4,486.80 4,610.80
21.70%
22.00% 24.60%
11,273.00 8,915.00 6,852.00
51.40%
43.70% 36.50%
16,040.20 13,401.80 11,406.00
73.10%
65.70% 61.10%
•
The Ministry of Finance last week released their preliminary government budget for November 2012. The budget
balance has deteriorated over the first eleven months of the year, as the fiscal deficit widened to JD 1.43 billion
compared to a deficit of JD 746 million for the same period last year.
•
Foreign grants remained unchanged in November at JD97 million after the increasing by JD71 million in
October. The grants remain sluggish in comparison to last year, though reports have showed that some GCC grants
for budget support have been collected at the end of December.
•
The government forecasts that fiscal deficit, including grants, will end 2012 at JD1.6 billion (around 7.6% of GDP) and
narrow to JD1.31 billion (around 5.4% of GDP) in 2013. However, public debt to GDP is expected to end 2012 at
around 75%, and escalate to a worrisome 80% in 2013.
27
Inflation rates are on the rise, expected to reach 7%
•
The Department of Statistics released its monthly report on
inflation, indicating an increase in the Consumer Price Average
(inflation) for January 2013 by 6.7% as compared with the
same period of 2012, up from 4.8% the previous month. The
main commodities groups which contributed to this increase
were "fuel and lighting" 24.3%, and “transport" 19.3%.
•
On the monthly level, the Consumer Price Index has decreased
in January 2013 by 0.6% as compared with the previous month
(December 2012 ).
•
The main driving force behind the rise in inflation, was the
increase in fuel prices, after the government decided to lift the
subsidies on fuel products in November 2012.
•
Crude oil (Brent) prices on average increased by 4.79% since
November.
•
The average of forecasts by international agencies on
Bloomberg expect crude oil prices to stabilize throughout the 4
quarters of the year.
•
However, the Jordanian government is expected to increase
electricity tariffs which would cause upward pressure on
inflation rates.
28
Amman Stock Exchange
For the period 10/02 – 14/02
ASE free float shares’ price index ended the week at
(2053.1) points, compared to (2028.8) points for the last
week, posting an increase of 1.2%. The total trading volume
during the week reached JD(48.4) million compared to
JD(44.0) million during the last week. Trading a total of
(62.6) million shares through (25,179) transactions
The shares of (179) companies were traded, the shares
prices of (82) companies rose, and the shares prices of (68)
declined.
Top 5 losers for the last week
Top 5 gainers for the last week
Stock
% chg
Stock
% chg
Intermediate Petrochemicals Industries Co. Ltd.
21.05%
Arab Real Estate Development
(25.00%)
Afaq For Energy Co. P.l.c
17.95%
Arab Company For Investment Projects
(14.29%)
International Cards Company
16.67%
Arab Electrical Industries
(13.91%)
Jordan Press & Publishing/(ad-dustour)
15.69%
Arab East Investment
(10.13%)
International Brokerage & Financial Markets
15.56%
Alentkaeya For Investment&realestate Development Company
Plc
29(9.46%)
Local Debt Monitor
Latest T-Bills

As February 14, the volume of excess reserves, including the overnight window deposits held at the CBJ
JD(1,798) 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 (%)
02/2013
14/02/2012
14/02/2014
50
6.750%
01/2013
27/01/2012
27/01/2014
70
6.750%
22/2012
24/12/2012
24/12/2013
60
6.750%
21/2012
04/12/2012
04/12/2013
50
6.905%
30
Local Debt Monitor
Latest T-Bonds Issues
2 years T-Bonds
Issue Date
Maturity Date
Size - million
Coupon (%)
T0313
05/02/2013
05/02/2015
60
7.950%
T0313
29/01/2013
29/01/2015
70
7.950%
T0213
22/01/2013
22/01/2015
80
7.950%
3 years T-Bonds
Issue Date
Maturity Date
Size - million
Coupon (%)
T0713
07/02/2013
07/02/2016
60
8.600%
T0613
07/02/2013
07/02/2016
50
8.600%
T0413
31/01/2013
31/01/2016
60
8.600%
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 (%)
T0712
11/03/2012
11/03/2017
75
7.750%
T0412
19/01/2012
19/01/2017
50
7.489%
Public Utility Bonds
Issue Date
Maturity Date
Size - million
Coupon (%)
PB55 (Water Authority)
05/09/2012
05/09/2015
26
8.134%
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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33