Transcript Local Debt Monitor

Interest Rate Monitor
February 24, 2013
Brief Overview
International
US: Treasury Yields Drop as FOMC minutes show
disagreement over QE
MENA Region
Egypt’s economy grows 2.4% in second half of
2012, FDI at zero level
Eurozone: economy to shrink again in 2013,
meanwhile, markets await results of elections in Italy
and Cyprus
GCC News Highlights: inflation to remain steady
at 3.3%
Moody’s strips UK of triple-A rating as economic
prospects continue to be grim
GCC interbank rates
Exports improve in January, and candidate for BoJ
governor is expected to be announced
Markets overview
Major Indices: Stocks ended week on a positive
Commodities and Currencies: Gold drops below $1600
and sterling hit 2-year low
Central Bank Meeting Calendar
Interest Rate Forecast
Comparative MENA Markets
Local Economy
New and analysis
 Interest Rate Forecasts
 Jordan issues USD denominated bond, as FX
reserves increase above $8 billion
Markets overview
 Amman Stock Exchange
 Local Debt Monitor
The Week Ahead
 Prime Lending Rates
2
International
3
US Treasury bond rates
• Yields on 10-year notes started to decline on
Wednesday, after widespread concern that the
stopping QE before expected will weigh on the
economy.
• This had triggered “risk” asset selling, moving
towards safe havens , thus pushing yields down. The
yield dropped to 1.97% on Friday.
As of February 23 1 Week Ago A Month Ago
1 Month
3 Months
6 Months
2 Years
5 Years
10 Years
30 Years
0.11%
0.13%
0.14%
0.25%
0.83%
1.96%
3.15%
0.09%
0.10%
0.13%
0.27%
0.87%
2.01%
3.18%
0.04%
0.08%
0.10%
0.24%
0.75%
1.83%
3.02%
4
Minutes from January FOMC increase uncertainty about
Fed’s exit strategy
•
Federal Reserve officials, uneasy with potential risks springing from the central bank's lowinterest-rate policies, are split over an early retreat from the experimental programs created
to revive the U.S. economy.
•
The worry is that the central bank is back-tracking on its commitment to maintain open-ended
QE until the labor market has improved “substantially”.
•
The Fed is buying $85 billion in mortgage and U.S. Treasury securities a month to drive down
long-term rates and has promised to keep short-term rates near zero until unemployment
improves.
•
The program hasn't fueled inflation, as many feared, and many officials are inclined to stay the
course. But some participants have become worried that the costs of QE might start to
outweigh the benefits.
•
Ever since announcing QE3 last autumn, the FOMC has always cautioned that it would conduct
frequent cost/benefit analysis of the policy. It will review the programs at its next meeting,
March 19-20, setting the stage for another high-stakes debate.
•
Ben Bernanke is due to deliver his semi-annual testimony on Tuesday before the Congress and
analysts hope his speech will spread light on his thinking about asset purchases.
5
US: In terms of data, manufacturing indicators released this
week were mixed.
•
Markit said its "flash," or preliminary U.S. Manufacturing Purchasing
Managers Index fell to 55.2 this month from 55.8, though it remains
at an elevated level.
•
A reading above 50 indicates expansion.
•
The index for output spiked to 58.1, the highest reading in nearly
two years, "suggesting that the economy is set to rebound from the
weak patch seen late last year," said Markit chief economist Chris
Williamson.
•
However, a disappointing export performance led overall growth of
order books to slow slightly, which in turn caused increasing
numbers of manufacturers to think twice about hiring extra staff.
•
Finally, data on the housing market was mixed. The NAHB index
declined a notch and housing starts fell after surging in December.
However, building permits continued to increase as did existing
home sales.
•
In general, the upward trend in housing activity seems intact but the
pace of increases has cooled lately.
6
Volatility to remain as Europe awaits election results in
Italy and Cyprus
•
Rome’s implied borrowing costs this week briefly
trundled back above 4.5%. That is well below last
year’s high of 6.5% but nevertheless signals the
markets’ anxiety that a hobbled Italian
government may struggle to tackle the country’s
budget difficulties – a perception that some fear
could trigger fresh eurozone-wide debt angst.
•
Spanish yields fell slightly as Prime Minister Rajoy
has pledged a “second wave” of reforms, as
corruption scandals continue.
•
Sovereign bond investors will be watching voter
returns in Italy and Cyprus intently this weekend
to see if anti-bailout and anti-austerity candidates
triumph at the polls.
•
If the results lead to radical or deadlocked
governments in either nation, the markets could
punish government bonds throughout the
eurozone periphery, reigniting investors' fears of a
potential collapse of the euro.
7
Eurozone economy to shrink again in 2013
•
The European Union's official economists Friday predicted the eurozone
economy will shrink for the second year in a row in 2013, in a forecast that
sees little hope that easing financial-market tensions in the region will
provide a jolt to the real economy any time soon.
•
The European Commission, forecasts a 0.3% contraction for 2013, compared
to forecasts of 0.1% growth six months ago.
•
France’s gross domestic product is expected to grow just 0.1% and Germany’s
by 0.5% in 2013, both 30 basis point downgrades from the previous
projections.
•
Meanwhile, after shrinking 7.1% in 2011 and 6.4% last year, Greece is
expected to see its sixth year of economic contraction in 2013, suffering a
4.4% cut in economic activity.
•
“The weakness of economic activity towards the end of 2012 implies a low
starting point for the current year,” Olli Rehn, the EU’s economic affairs
commissioner, said in a statement. “The current situation can be summarized
like this: we have disappointing hard data from the end of last year, some
more encouraging soft data in the recent past and growing investor
confidence in the future.”
8
France and Spain are likely to miss targets,,,
•
The expected fall in spending by businesses, consumers and national
governments will push eurozone unemployment to a new high. Mass joblessness
is expected to increase in the countries hardest hit by the crisis, with the average
unemployment rate expected to reach 27% in Greece, 26.9% in Spain and 17.3%
in Portugal.
•
Unemployment will be a huge obstacle for governments as they attempt to carry
out austerity programs that are partly responsible for the bloc's dismal growth
and employment situation.
•
The first big test is likely to come in France, which the commission expects will
miss a pledge to bring its deficit under 3% of gross domestic product by the end of
this year. The forecast sees the French deficit this year at 3.7% of GDP, sparking
debates over whether the target should be extend to next year.
•
Overall, the commission sees the average euro-zone budget deficit falling below
the targeted 3% of national output in 2013 for the first time since 2008. The
average deficit this year is seen at 2.8%, edging down to 2.7% of GDP in 2014.
•
Meanwhile, Spain was supposed to lower its deficit to 5.3% of GDP last year, but
instead came in at 10.2%, by far the highest in the EU. This year Spain’s deficit is
projected to hit 6.7%, well off the 3% goal it was supposed to achieve.
9
UK is stripped of triple-A rating
•
Moody's Investors Service stripped the United Kingdom of its triple-A credit rating, saying sluggish economic
growth and austerity will continue to affect the government’s finances into the second half of the decade.
•
The rating on the U.K. was lowered one level to Aa1 from Aaa and the outlook on the nation’s debt changed to
stable, Moody’s said in a statement today. With the U.K.’s high and rising debt burden, a deterioration in the
government’s balance sheet is unlikely to be reversed before 2016, Moody’s said in the statement.
•
The rating agency first warned it was considering downgrading the UK last February, but was moved to act by the
deteriorating economy which it now expects to grow just 1% this year compared with its previous forecast of
1.4%.
•
It is the first major rating agency to remove the UK’s gold-plated credit rating, striking a blow to the coalition
government’s fiscal consolidation programme, likely to increase calls on Chancellor of the Exchequer George
Osborne to scale back his fiscal squeeze.
Fitch Ratings and Standard & Poor's Ratings Services both have triple-A ratings on the U.K. with negative outlooks.
•
•
The pound slumped after the downgrade, dropping 0.6% to $1.5163. Sterling has depreciated 5.6% this year, the
second-worst performer after the yen among developed-market currencies.
•
Britain’s debt as a percentage of gross domestic product will climb to 98% next year from 90% last year and 95.4%
in 2013, the European Commission said in its winter forecast Friday.
•
Osborne’s austerity policies will squeeze the budget deficit to 6% next year from 10.2% in 2010, when his
Conservatives took over in an unprecedented coalition with the Liberal Democrats, according to the predictions
by the commission.
10
Falling pound and BoE minutes of meeting
•
The U.K. is unlikely to see meaningfully higher borrowing costs as
a result of the Moody's move; its bonds have benefitted for
several years from investors' flight away from troubled euro-zone
countries and toward European nations with stronger economic
fundamentals, or who issue their own currency.
•
The Bank of England's robust quantitative easing program, in
which it purchases government bonds, has also helped hold bond
yields down and keep a lid on borrowing costs.
•
On Wednesday, the minutes from the February Monetary Policy
Committee (MPC) meeting revealed unexpected support for
expanding Bank of England (BoE) asset purchases.
•
Three member, among them Governor Mervyn King, favored to
increase the size of the BoE's bond-buying stimulus program by
£25 billion to £400 billion, saying further asset purchases would
help the U.K. economy expand without stoking inflation, but was
outvoted 6-3 by the rest of the committee
•
The split on the committee underscores the dilemma facing rate
setters in the U.K., who are grappling with weak economic growth
and stubborn inflation.
11
Japan’s exports improved markedly in January but the
posted a deficit surprisingly
•
Japan posted a record monthly trade deficit of ¥1.629 trillion yen
($17.43 billion) in January, extending the run of trade deficit to a
seventh month—also a record—the Ministry of Finance said
Wednesday.
•
Japan's record trade deficit demonstrated the two-edged nature of a
weaker yen, as higher import prices took an immediate toll on trade
figures, despite the 2.2% increase in exports.
•
Exacerbating the initial negative impact of the lower yen is Japan's
increased reliance on fuel imports amid the continuing shut down of
most of the nation's nuclear plants.
•
The widening gap is likely to serve as a reminder to Prime Minister
Shinzo Abe, that Japan's economic problems will not simply disappear
with a weaker currency.
•
Mr. Abe's policies to conquer deflation and reinvigorate the economy
have prompted a more than 10% fall in the yen versus the dollar since
he was sworn in on Dec. 26.
•
Economists say the swelling deficit reflects a time lag for the foreign
exchange rate having a positive impact on trade. Economists say that it
will take up to a year for a weaker yen to start boosting demand for
Japanese goods on shop shelves.
12
Japan expected to announce its candidate for governor
of BoJ
•
As soon as Monday, Japan's prime minister is expected to carry out a campaign promise to select a
new central-bank chief committed to a revival of slumping prices, investment and consumer spending
in the world's third-largest economy. The candidates under consideration all back increased easing.
•
The change in leadership, said Mr. Abe's supporters, should yield a central bank that wholeheartedly
executes policies to bolster Japan's economy, rather than grudgingly, as in the past. Outgoing BoJ
Gov. Masaaki Shirakawa will step down March 19, three weeks before his term ends.
•
Supporters of the BoJ's traditionally cautious approach said Japan's deeper structural problems—
including an aging and shrinking population, as well as too-tight regulations in many industries—hold
back an economic rebound and limit the effectiveness of monetary policy.
•
Meanwhile, Japanese Prime Minister Shinzo Abe told parliament Monday that a failure to hit its
recently established 2% inflation target would be a condition for changing the law governing the Bank
of Japan.
•
In the run-up to his landslide election victory last year, Mr. Abe repeatedly made veiled threats about
revising the law if the central bank failed to comply with his government's desire for more aggressive
measures to fight deflation. Since then, he has said the central bank should choose what measures it
takes—so long as it achieves the 2% target.
13
Stocks rallied Friday, after a selling streak that marked the
biggest two-day drop for US stocks this year
14
Gold continues stumble to below $1,600, and Sterling
hits 2-year low
15
Major Interest Rate Forecasts
Rate (%)
Market yield
Q1 2013
(February 24)
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
United States
US 10-year
1.96
1.86
2.00
2.15
2.3
2.51
2.67
Fed Fund Target Rate
0.25
0.25
0.25
0.25
0.25
0.25
0.25
1.57
1.60
1.63
1.78
1.90
1.99
2.14
0.75
0.75
0.75
0.75
0.75
0.63
0.75
2.11
0.50
1.98
0.50
2.11
0.50
2.24
0.50
2.41
0.50
2.5
0.50
2.64
0.50
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
February 24, 2013 - March 1, 2013
Date
Currency / Event
25-Feb Mon
GBP Nationwide House Prices s.a. (MoM)
26-Feb Tue
USD S&P/CS 20 City s.a. (MoM)
USD S&P/Case-Shiller Composite-20 (YoY)
USD Consumer Confidence
USD Fed's Bernanke Testifies at Senate Banking Committee
USD New Home Sales (MoM)
JPY Retail Trade (YoY)
EUR German GfK Consumer Confidence Survey
GBP Gross Domestic Product (QoQ)
GBP Gross Domestic Product (YoY)
GBP Index of Services (3Mo3M)
EUR Euro-Zone Consumer Confidence
USD Durable Goods Orders
USD Pending Home Sales (MoM)
JPY Nomura/JMMA Manufacturing Purchasing Manager Index
JPY Industrial Production (YoY)
GBP GfK Consumer Confidence Survey
JPY Construction Orders (YoY)
EUR German Unemployment Rate s.a.
EUR Euro-Zone Consumer Price Index - Core (YoY)
EUR Euro-Zone Consumer Price Index (YoY)
EUR German Consumer Price Index (YoY)
EUR German Consumer Price Index - EU Harmonised (YoY)
USD Gross Domestic Product (Annualized)
JPY National Consumer Price Index (YoY)
JPY National Consumer Price Index Ex Food, Energy (YoY)
EUR German Retail Sales (YoY)
CNY Manufacturing PMI
CNY HSBC Manufacturing PMI
JPY Vehicle Sales (YoY)
EUR German Purchasing Manager Index Manufacturing
EUR Euro-Zone Purchasing Manager Index Manufacturing
GBP Purchasing Manager Index Manufacturing
EUR Euro-Zone Unemployment Rate
CAD Quarterly Gross Domestic Product Annualized
USD Personal Consumption Expenditure Core (YoY)
USD Markit US PMI Final
USD U. of Michigan Confidence
USD ISM Manufacturing
27-Feb Wed
28-Feb Thu
1-Mar Fri
GMT
Forecast
Previous
0.50%
14:00
14:00
15:00
15:00
15:00
23:50
07:00
09:30
09:30
09:30
10:00
13:30
15:00
23:15
23:50
00:01
05:00
08:55
10:00
10:00
13:00
13:00
13:30
23:30
23:30
01:00
01:45
05:00
08:55
09:00
09:30
10:00
13:30
13:30
13:58
14:55
15:00
0.50%
6.70%
59.80
0.60%
5.50%
58.60
4.30%
-7.30%
0.40%
5.80
-0.30%
0.00%
0.60%
-4.00%
2.00%
4.60%
-4.30%
47.70
-7.90%
-26.00
4.80%
6.80%
1.50%
2.00%
0.60%
-0.10%
-0.10%
-0.60%
-4.70%
50.40
52.30
-12.90%
50.80
11.70%
0.60%
1.40%
52.50
76.30
53.10
17
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)
18
Regional
19
Egypt’s economy advances 2.4% in 2H12, while foreign
investment drops to almost zero
•
On Monday, Egypt’s minister for planning and international
cooperation said the annual economic growth rate would hit 3%
by the end of June - below the government’s projected 4% - due
to political instability.
•
The cabinet said in a statement on Wednesday that the economic
growth rate was 2.4% in the first half of the 2012/13 fiscal year,
which began last July.
•
Egypt is seeking a $4.8 billion loan from the IMF, though many
economists expect a deal will not be concluded until after
parliamentary elections due to get under way in April or May.
•
The loan is not enough to help recover Egypt’s depleting foreign
cash reserves or fix its budget deficit, but policymakers hope that
the IMF loan will encourage foreign investors and governments to
contribute additional cash and aid.
•
Moreover, foreign investment in Egypt was almost non-existent in
the six months to the end of December, Planning Minister Ashraf
al-Araby said on Thursday.
•
The Egyptian pound remained weakened, as it traded at around
6.73 against the dollar last week .
20
GCC inflation to remain steady at 3.3% in 2013
•
The GCC region witnessed a moderate 3% inflation in consumer prices
during 2012, down from 3.7% in 2011. This is relatively low when
compared to the global average inflation of 4% and the MENA region’s
10.4%, according to IMF estimates.
•
Usually, devaluing currencies are an important driver of inflation in many
MENA countries, but the pegged exchange rate system in the GCC
contributes to price stability. In addition, subsidies and particularly on
fuel, also shelter the GCC from a significant driver of inflation in some
other MENA countries.
•
Bahrain, Kuwait and Oman all had inflation that was close to the regional
average. The UAE and Qatar had lower inflation, of 0.7% and 1.9%
respectively, which offset the higher 4.5% inflation in Saudi Arabia. These
three countries deviated from the regional average mainly due to falling
housing costs.
•
Qatar National Bank estimates that inflation is likely to remain in the
same region in 2013, with an inflation rate of 3.3%.
•
Meanwhile, Saudi Arabia’s inflation edged up to 4.2% YoY in January from
3.9% YoY in December, according to a report from the Central
Department for Statistics and Information. This can be ascribed to higher
food prices in the Kingdom.
21
GCC economic news highlights
•
Qatar plans to spend USD120bn on projects : Qatar plans to
spend USD120bn on infrastructure projects by 2020 aided by
income from oil and gas exports, which accounts for 70% of its
revenues.
•
Among other economic news, Qatar Central Bank expects
Qatar’s GDP to rise 5.5% in 2013.
•
Standard and Poor’s expects Abu Dhabi’s GDP to grow 4.5% in
2013, with a stable outlook. The strong rating reflects robust
fiscal and external account positions, which provides flexibility in
the execution of fiscal policy. The Abu Dhabi government’s
strong net asset position offers headroom against the volatility
in oil prices. Strong public finances also offset concerns related
to institutional and structural weaknesses and contingent
liabilities.
•
UAE tourism revenue to rise to USD7.5bn by 2016: Revenue
from the tourism sector is expected to increase to USD7.5bn by
2016 from USD4.5bn in 2011. Tourist arrivals are estimated to
expand at a CAGR of 5.3% between 2012 and 2022. The number
of hotel rooms is forecasted to advance to 125,383 in 2016 from
the current 96,992.
22
GCC interbank rates
23
Comparative MENA Markets
For the period 17/02 – 22/02
24
Locally
25
Local interest rates forecasts and major developments
Rate (%)
Jordan
2-year Treasury
Window Rate
Market yield
Q1 2013
(February 24)
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 around 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 following the USD
denominated bond issuance and IMF loan.
26
Jordan’s issues first USD denominated internal bonds
•
The Ministry of Finance has issued an internal government bond denominated in USD with a
nominal value of $500 million, a tenure of three years and coupon of 4.25%. The issue was
successful with a coverage ratio of 140%.
Banks
Foreign currency
deposits of $11bn
Borrow $500
million
Sell $500 million
Buy JD 350 million
Effect: boost in
foreign reserves
Economy
Government
Central Bank
Spend JD 350
million
Effect: increasing
excess liquidity in the
JOD market
27
Jordan expected to receive $500 million from IMF as FX
reserves increase above $8 billion
•
Meanwhile, the IMF is set to assess the economic
situation upon its visit to Jordan and evaluate the
progress of the National Economic Reform Program.
•
Pending on the visit, the Jordanian Government is
expected to receive $500 million in fresh credit next
month, constituting the second and third tranche of the
IMF loan. This makes a total of $885 million received so
far from the IMF since August.
•
The IMF tranche along with the USD denominated bonds
issued should help maintain, or even boost, foreign
currency reserves and help ease the strain on the JOD
liquidity.
•
According to reports last week, FX reserves have
increased above $8 billion for the first time since April
2012, covering around 5 months of imports coverage.
•
FX reserves had reached $7.7 billion at the end of
January.
•
Expectations are for FX reserves to end the year at
around $8.5 billion.
28
But downside risks remain,,,
•
Egyptian natural gas levels have reportedly declined below an average of 80 million cubic feet
(mcf) per day over the past month, and sources claim that the supply was cut off completely
during some periods.
•
The volatility of gas supplies is likely to add pressure on NEPCO in terms of losses and tariffs
hikes.
•
Based on the IMF staff projections, if the average supply remains below 100 mfc per day then
NEPCO losses may beat government’s budget estimates by over JD 300 million.
29
Amman Stock Exchange
For the period 17/02 – 21/02
ASE free float shares’ price index ended the week at
(2046.7) points, compared to (2053.1) points for the last
week, posting a decrease of 0.31%. The total trading
volume during the week reached JD(57.7) million compared
to JD(48.4) million during the last week. Trading a total of
(71.0) million shares through (27,363) transactions
The shares of (179) companies were traded, the shares
prices of (74) companies rose, and the shares prices of (69)
declined.
Top 5 losers for the last week
Top 5 gainers for the last week
Stock
% chg
Stock
% chg
United Arab Investors
50.00%
Northern Cement Co.
(13.18%)
Union Tobacco & Cigarette Industries
36.36%
Tuhama For Financial Investments
(11.11%)
he Investors And Eastern Arab For Industrial And Real Estate
Investments
25.00%
Jordan Press & Publishing/(ad-dustour)
(10.71%)
South Electronics
25.00%
Comprehensive Multiple Project Company
(9.68%)
National Aluminium Industrial
23.08%
Model Restaurants Company Plc
(9.09%)
30
Local Debt Monitor
Latest T-Bills

As February 24, the volume of excess reserves, including the overnight window deposits held at the CBJ
JD(1,895) 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%
31
Local Debt Monitor
Latest T-Bonds Issues
2 years T-Bonds
Issue Date
Maturity Date
Size - million
Coupon (%)
T0813
18/02/2013
18/02/2015
80
7.950%
T0513
05/02/2013
05/02/2015
60
7.950%
T0313
29/01/2013
29/01/2015
70
7.950%
3 years T-Bonds
Issue Date
Maturity Date
Size - million
Coupon (%)
T0913
20/02/2013
20/02/2016
60
8.600%
T0713
07/02/2013
07/02/2016
60
8.600%
T0613
07/02/2013
07/02/2016
50
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%
32
Prime Lending Rates
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