weekly economic monitor - cairo amman bank€¦ · weekly economic monitor july 12, 2015. 2 brief...

Weekly Economic Monitor

July 12, 2015

2

Brief Overview

International MENA Region

Local Economy

Amman Stock Exchange

Local Debt Monitor

Prime Lending Rates

Markets overview

Markets overview

News and analysis

U.S.: Treasurys sold off amid signs of stability in China’s stockmarket and growing optimism that Greece will reach a deal;Yellen reiterated that Fed still on track to raise rates this yeardespite dovish minutes from June meeting

Major Indices: Stocks on both sides of the Atlantic surgedat end of week on a hopes of Greek deal, U.S. stocks littlechanged over week

Commodities and Currencies: Euro surges ahead of keyweekend showing hopes of a Greek deal

Central Bank Meeting Calendar

Interest Rate Forecast

The Week Ahead

GCC News Highlights

GCC interbank rates

Comparative MENA Markets

Eurozone: Peripheral government bonds rally on growingoptimism that a Greek bailout deal will be reached over theweekend; However deadlock continued into Sunday and aGreece debt deal remains elusive

CBJ cuts rates by 25 basis points

China: China inflation edges up in June; stock marketstabilized but still shed more than $3 trillion in less than amonth

Budget deficit narrowed in the first five months of2015; Public debt at 78.1% of GDP, 21.2 billion JD

U.K.: Bank of England holds rates as officials eye wagegrowth and global risks, Osborne announces budget changes

Egypt: Foreign reserves rises to $20 billion, inflationdropped in June, domestic debt reached $261billion by the End of March

3

International

4

U.S. Treasurys sold off amid signs of stability in China’s stockmarket and growing optimism that Greece will reach a deal

• U.S. Treasury bonds posted a large two-day selloff as fearsretreated over turbulence in China’s stock markets andGreece’s debt crisis, reversing the flight-to-safety in bonds.

• Comments by Federal Reserve Chairwoman Janet Yellen, whoreiterated on Friday that she expects a rate hike to be neededthis year, added to the selling momentum. A rise in the Fed’sbenchmark rates would shrink the value of outstandingbonds.

• The yield on the US 10-year note climbed 8 basis points to2.40%, after falling to a five-week low of 2.19% onWednesday due to turmoil in Europe and Asia; up 21bp intwo days. Over the week yields were up 2bp. Yields move inthe opposite direction of bond prices.

As of July 10 1 Week Ago A Month Ago

1 Month 0.02% 0.01% 0.01%

3 Months 0.02% 0.01% 0.01%

6 Months 0.09% 0.10% 0.10%

2 Years 0.65% 0.63% 0.72%

5 Years 1.66% 1.63% 1.73%

10 Years 2.40% 2.38% 2.39%

30 Years 3.19% 3.19% 3.11%

5

Yellen: Fed still on track to raise rates this year

• Federal Reserve Chair Janet Yellen reiterated Friday that the Fed is on track to start raising interest rateslater this year but expressed multiple concerns over headwinds that are still holding back the U.S. economy.

• Yellen saw reasons for encouragement. Consumer spending appears to be picking up, and employment islikely to keep expanding, she said. Still, she described the outlook for the economy and inflation as "highlyuncertain," amid lingering weakness in the labor market and new potential threats overseas.

• The timing of Yellen’s comments is so important because they were the first from the Fed leader sincedevelopments in Greece and a stock-market tumble in China raised doubts about the central bank’s course.The recent developments have prompted many economists to push back their projections for the Fed's firstrate hike from September to December.

• Yellen offered a restrained assessment of the economy’s progress, pointing to persistent slack in the labormarket even as she acknowledged it might be getting closer to full health. She said lower oil prices havehurt the domestic energy sector and a strong dollar has restrained exports, but added that those dragsshould fade “as the value of the dollar and crude oil prices stabilize.” She predicted moderate economicgrowth over the course of this year.

• In all, she gave no indication the Fed was veering from its broader plan on rates and dedicated littleattention in her speech to global threats.

• Yellen’s Cleveland speech came just a few days before she heads to Capitol Hill to present the Fed’ssemiannual Monetary Policy Report and take questions from lawmakers. She will appear before the HouseFinancial Services Committee on Wednesday, and testify before the Senate Banking Committee onThursday.

6

Fed minutes struck a dovish tone, still vague about timing of first rate hike

• The Fed’s chair comments on Friday came after the minutes from the June 16-17 Fed meeting werereleased Wednesday. Federal Reserve officials struck a notably dovish tone in their most recent discussionsabout monetary policy.

• Members agreed the economy was getting better yet felt unready to exit a policy of zero interest rates thatbegan in late 2008; only one of the 10 Fed officials who have a vote this year was ready to hike rates inJune.

• Worries about global turbulence and soft spots in the domestic economy, particularly the slow pace of U.S.spending, weighed on Federal Reserve officials. While a number of officials have said publicly since theJune meeting that an interest rise could be warranted in September, the minutes however showed theirunderlying unease about taking that big step.

• But officials were not precise in what data they wanted to see before they would be persuaded to hike.Instead, the central bank kept its options open and expressed caution about proceeding. Officials said onlythey needed more evidence that “economic growth was sufficiently strong and labor market conditions hadfirmed enough to return inflation to the Committee’s longer-run objective over the medium term of 2%”according to the minutes.

• Meanwhile, the International Monetary Fund warned Tuesday that the Fed risks stalling the U.S. economyby raising interest rates too early, calling for the central bank to delay a move until 2016. The IMF, which cutits growth forecast for the U.S. last month, said the Fed could be forced to reverse course next year if thecentral bank proves overly optimistic about the health of the American economy.

• The fund earlier this week downgraded its global growth forecast for 2015 by 0.2 percentage point to 3.3%,the slowest clip since the global economy contracted in 2009.

7

U.S. data was mixed this week, but still overall expect a stronger second quarter

• The pace of growth in the U.S. services ticked higher in June afterdropping to a 13-month low in May, as reads on business activity andnew orders improved, an industry report showed on Monday.

• The Institute for Supply Management said its services sector indexincreased to 56.0, just short of analysts' expectations of 56.2 in a Reuterssurvey, from 55.7 in May. A reading above 50 indicates expansion in thesector.

• On the other hand, a stronger dollar and international turmoil areweighing on overseas consumers, meaning trade is unlikely to providemuch support to the U.S expansion this year.

• The U.S. trade gap widened 2.9% to $41.87 billion in May, the CommerceDepartment said Tuesday. The widening reflected a continuation of adownward trend in exports and stable demand for imports, outside of oil.

• Trade has been a drag on U.S. economic output in four of the past fivequarters and was a major contributor to the first-quarter contraction.Many economists project the negative pull from trade will lessen as theyear progresses, but nonetheless provide a headwind to growth.

• Risks for U.S. exporters are mounting. The crisis in Greece threatens toslow Europe’s already feeble economy. Meanwhile, demand from China’sfast-growing consumer sector could be easing as well.

8

Peripheral government bonds rally on growing optimism that a Greek bailout deal will be reached over the weekend

• Traders’ optimism that a Greek bailout deal will bereached this weekend triggered the sharpest slump inGerman bunds in more than a month.

• French bonds also fell as demand for haven assetsevaporated, while Portuguese securities led gains inperipheral euro-area debt.

• Greece proposed reforms that met most of itscreditors’ demands, fueling speculation the two sideswill be able to come together. In exchange it sought athree-year bailout loan of at least €53.5 billion.

• Portugal’s 10-year government bond yield was down7 basis points at 2.84 per cent. Spain’s and Italy’s 10-year government bond yield was down 4 basis pointsFriday at 2.13%. Over the week Italy’s yields wasdown 11bp while Spain’s was down 8bp.

• On the other hand Germany’s 10-year sovereign debtyields advanced 18bp Friday at 0.90%, yields were up11bp over the week.

Germany: 0.90%France: 1.28%

Spain: 2.13%Italy: 2.13%

9

Greece debt deal remains far from certain as divisions remain

• Another crucial weekend stands between Greece and bankruptcy.

• Greece had earlier cleared the first hurdle in its attempt to stay in theeurozone after the European Commission, European Central Bank andInternational Monetary Fund gave the go-ahead for negotiations over afuture rescue programme.

• The reform package submitted by Greece, requesting €53.5 billion in returnfor reform, ahead of this weekend’s full EU summit has been well-receivedin the market.

• In the early hours of Saturday, Greece’s Parliament passed the newproposals, which included cuts to pensions and tax increases, with thebacking of 251 out of 300 lawmakers.

• Eurozone's finance ministers ended an emergency summit with noagreement on Greece's latest reform proposal late Saturday night. Theministers will meet again on Sunday morning for renewed push to narrowthe still deep differences between Greece and most of its creditors.

• If the deadlock continues, then talks will shift to the EU summit laterSunday.

• The deadlock prolongs the uncertainty hanging over the troubled Greekeconomy and increases the risks that the country could be forced out ofthe eurozone.

10

Greece debt deal remains far from certain as divisions remain

• While, the gap between creditor and lender seems to be closer than everto be bridged, there remains a number of questions.

• The IMF had noted that any sustainable solution for Athens requires arestructuring of its more than €200 billion debt load. That is somethingGerman officials have been reluctant to allow.

• Moreover, sources said Saturday that after assessing the new proposal,European officials said the country would need €74 billion in new fundingover the coming years.

• Some officials feel that the Greek proposals are weaker than it should be insome areas and voiced concern over the government’s commitments tothe tough measures given the referendum result last week.

• Meanwhile, sources said that the German finance ministry raised thepossibility of a five-year timeout from the eurozone for Greece.

• Still, there isn’t too much time for deliberations. Greek banking officialshave warned that the country’s banks may run out of cash to allow evenlimited withdrawals from depositors after Monday. And on July 20, thecountry has to pay €3.5 billion in bonds and €700 million in interest to theECB.

• Failure to pay could lead the ECB to cut emergency lending to Greek banks,a move that would likely force the government to print its own currency torecapitalize them.

11

Bank of England holds rates as officials eye wage growth and global risks, Osborne announces budget changes

• Last week, the Bank of England kept the key interest rate unchangedat 0.5% and asset purchases target at £375 billion as expected.

• An improving economy, in particular a strengthening in the jobsmarket, has boosted talk in recent weeks that the BoE could beamong the first of the world's major economies to lift interest rates.

• However, turmoil in global markets and the Greek debt crisis as wellas low inflation figures of 0.1% are expected to hold officials in theBoE from starting to normalize rates.

• The rate decision came a day after Chancellor Osborne announcedan emergency summer budget, which included a range of stringentcuts to the country’s welfare system amounting to £12 billion. Onthe other hand, the budget pledged to tackle tax evasion andreplace the bank levy with a different charge, as it introduces a 8%surcharge on banks profits in 2016.

• Meanwhile, the Chancellor introduce a new minimum wage forthose aged 25 and above, which will likely further accelerate wagegrowth and consequently push the BoE start to normalize rates.

• In other news, a rise in oil and gas output boosted U.K. industrialproduction in May, beating estimates, but manufacturing outputcontinued to fall.

Friday: 2.08%;Yields were up 13bp

12

China inflation edges up in June; stock market stabilized but still shed more than $3 trillion in less than a month

• China consumer prices picked up moderately in June, however wholesale pricesremained entrenched in deflation, a sign of continued slack in the world's secondlargest economy.

• China's consumer price index (CPI) rose 1.4% in June from a year earlier, beatingexpectations of a 1.3% rise and following a 1.2% rise in May. The producer priceindex (PPI), however, slid 4.8%, worse than forecasts for a 4.5% fall and after a4.6% decline in May.

• China's economy grew an annual 7% in the first three months of the year, theworst showing since the first quarter of 2009. And based on the latest data, it isexpected that GDP growth has fallen below 7% in the second quarter.

• With no evidence of inflationary pressures on the horizon, economists says thereis sufficient room for further policy easing. Nomura expects one more 50bp cutto the banks' reserve requirement ratio (RRR) and an additional 25bp benchmarkinterest rate reduction over the remainder of this year.

• Moreover, while Chinese equities have bounced back over the last two days,they've still shed more than $3 trillion in value in less than a month.

• The halt came after an escalating series of interventions that culminated in thesuspension of trading in more than half the listed companies. Beijing haslaunched a series of measures over the past fortnight to stabilise bourses,including interest rate cuts, selling bans on big stakeholders and direct buying bythe People’s Bank of China.

13

Stocks on both sides of the Atlantic surged at end of week on a hopesof Greek deal, U.S. stocks little changed over week

14

Euro surges ahead of key weekend showing hopes of a Greekdeal

15

Major Interest Rate Forecasts

Rate (%)Market yield

(July 10)Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

United States

US 10-year 2.40 2.42 2.57 2.73 2.88 3.08 3.23

US 2-year 0.64 0.90 1.13 1.36 1.64 1.92 2.16

Fed Fund Target Rate 0.25 0.45 0.65 0.90 1.15 1.45 1.75

Germany

Germnay 10-year 0.90 0.68 0.79 0.91 1.06 1.18 0.60

Germany 2-year -0.21 -0.10 -0.05 0.05 0.13 0.34 0.30

ECB Main Refinancing Rate 0.05 0.05 0.05 0.05 0.05 0.05 0.05

United Kingdom

UK 10-year 2.08 2.11 2.19 2.35 2.51 2.60 3.00

UK 2-year 0.56 0.76 0.97 1.24 1.56 1.76 1.78

BoE Bank Rate 0.50 0.50 0.60 0.75 0.90 1.10 1.10

Source: Bloomberg

16

The Week Ahead,,,

Date Event GMT Forecast Previous

12-Jul Sun CNY New Yuan Loans CNY 1050.0B 900.8B

CNY Exports (YoY) 1.00% -2.50%

CNY Trade Balance $56.35B $59.49B

CNY Imports (YoY) -15.00% -17.60%

13-Jul Mon JPY Industrial Production (YoY) 04:30 -4.00%

CNY Foreign Direct Investment (YoY) CNY 0.70% 7.80%

14-Jul Tue EUR German Consumer Price Index - (YoY) 06:00 0.10% 0.10%

GBP Consumer Price Index (YoY) 08:30 0.00% 0.10%

GBP Core Consumer Price Index (YoY) 08:30 0.90%

EUR Euro-Zone Industrial Production (YoY) 09:00 1.90% 0.80%

EUR German ZEW Survey (Economic Sentiment) 09:00 30.0 31.5

EUR Euro-Zone ZEW Survey (Economic Sentiment) 09:00 51.1 53.7

USD Retail Sales Less Autos 12:30 0.60% 1.00%

USD Advance Retail Sales 12:30 0.30% 1.20%

15-Jul Wed CNY Retail Sales (YoY) 02:00 10.20% 10.10%

CNY GDP (YoY) 02:00 6.80% 7.00%

CNY Industrial Production (YoY) 02:00 6.00% 6.10%

JPY Bank of Japan Monetary Policy Statement

JPY BOJ Annual Rise in Monetary Base ¥80T ¥80T

JPY Bank of Japan Policy Statement/Kuroda Press Conference 03:00

GBP Average Weekly Earnings (3M/YoY) 08:30 3.30% 2.70%

GBP ILO Unemployment Rate (3M) 08:30 5.50% 5.50%

USD Industrial Production 13:15 0.20% -0.20%

CAD Bank of Canada Rate Decision 14:00 0.75% 0.75%

USD Yellen Delivers Semi-Annual Testimony to House Financial Panel 14:00

USD U.S. Federal Reserve Releases Beige Book 18:00

16-Jul Thu EUR Euro-Zone Consumer Price Index - Core (YoY) 09:00 0.80% 0.80%

EUR Euro-Zone Consumer Price Index (YoY) 09:00 0.20% 0.20%

EUR European Central Bank Rate Decision 11:45 0.10% 0.10%

EUR ECB Deposit Facility Rate 11:45 -0.20% -0.20%

USD Initial Jobless Claims 12:30 297K

USD Yellen Delivers Semi-Annual Testimony to Senate Banking Panel 14:00

17-Jul Fri EUR Euro-Zone Construction Output w.d.a. (YoY) 09:00 0.00%

USD Housing Starts 12:30 1100K 1036K

USD Housing Starts (MoM) 12:30 6.20% -11.10%

USD Building Permits 12:30 1103K 1275K

USD Building Permits (MoM) 12:30 -11.80% 11.80%

USD Consumer Price Index (YoY) 12:30 0.00%

USD Consumer Price Index Ex Food & Energy (YoY) 12:30 1.70%

USD U. of Michigan Confidence 14:00 96.5 96.1

Economic Data Release Calendar

July 12, 2015 - July 18, 2015

17

Central Bank Meetings Calendar

Calendar for upcoming meetings of main central banks:

Expected RateDecision

Current RateMonthCentral Bank

0.25%0.25%July 29US Federal Reserve (FOMC)

0.05%0.05%July 16European Central Bank (ECB)

0.50%0.50%August 6Bank of England (BoE)

0.10%0.10%July 15Bank of Japan (BOJ)

-0.75%-0.75%September 17Swiss National Bank (SNB)

0.75%0.75%July 15Bank of Canada (BOC)

2.00%2.00%August 4Reserve Bank of Australia (RBA)

3.25%3.25%July 23Reserve Bank of New Zealand (RBNZ)

18

Regional

19

Egypt: Foreign reserves rises to $20 billion, inflation dropped in June, domestic debt reached $261 billion by the End of March

• Egypt’s T-bill yields rose across all durations this week when compared to the week before, despite FX reserves rising in June.

• Egypt's foreign currency reserves rose by 2.66% to amount $20.08 billion at the end of June from $19.56 billion in May, while the country is expecting huge inflows from GCC aid.

• Meanwhile, Egypt’s core and urban inflation dropped in May to 8.07% and 11.4%, from 8.14% and 13.1%, respectively. This drop is a result of slower growth in food prices.

• Analysts expect June’s inflation to drop into single digits during July. The drop in inflation along with higher FX reserves will raise the scope for the Central Bank of Egypt to cut rates to stimulate growth while maintaining liquidity levels at banks.

• In other news, domestic debt reached $261 billion by the end of March (in Q3), reflecting the government's reliance on domestic borrowing to finance its deficit, mostly banks.

• Meanwhile, Egypt's external debt dropped during the same period to $39.9 billion, down from $45.3 billion.

Source: Bloomberg

Source: Trading Economics

20

GCC Economic Highlights:Kuwait: Inflation increased by 3.32% in May.

• According to figures released by Kuwait’s Central Statistics Bureau,

Inflation has increased by 3.3% in May when compared to the

same period last year, down from 3.4% in April.

• The increase in inflation is attributed to a higher prices in some

groups such as entertainment, by 6.9%, clothing and footwear by

3.9%, furniture and home appliances by 3.2%, utilities by 3.0%,

health by 2.8%, tobacco by 2.4%, food and beverage by 2.2,

communications by 1.1%, transportation by 0.50%, education by

0.50%, and miscellaneous goods and services by 0.06%

• On the other hand, prices of some groups have dropped when

compared to May 2014 such as recreational and cultural price by

0.31%, and clothing and footwear by 0.92%.

• Meanwhile, the inflation rose by 0.07% in May 2015 when

compared to April 2015. This increase is due to higher prices in

the following categories; food and beverages by 0.34%, tobacco &

narcotics by 0.07%, health by 0.08%, and miscellaneous goods and

services by 0.08%.


21

GCC Economic Highlights:Saudi Arabia: Inflation increased by 2.2% in June, Saudi issues sovereign bonds.

• According to figures released by Central Department of Statistics and

Information, inflation has increased by 2.2% in June when compared to the

same period last year.

• The increase in inflation is attributed to a higher prices in some groups

such as; tobacco & narcotics by 12.09%, home furnishings and equipment

maintenance by 3.57%, health by 1.99%, food and beverages by 2.61%,

transport by 0.64%, communication by 0.30%, education by 5.23%,

restaurants and hotels by 5.12%, and miscellaneous goods and services by

2.43%.

• Inflation in the Saudi Arabia has been kept down due to a stronger dollar.

Analysts predict that the timing is right for GCC governments to introduce

energy subsidy reforms given low inflation figures and low oil prices.

• In other news, Saudi Arabia issues sovereign bonds for the first time since

2007 to cover for a budget deficit that is caused by low oil prices. The

government has already sold $4 billion worth bonds to local banks,

indicating the extent of the government’s dependence on oil revenues to

meet expenditures.


22

GCC interbank rates

Source: Bloomberg

23

Comparative MENA MarketsJuly 5, 2015 – July 10, 2015

Source: Bloomberg

May 1

24

Locally

25

CBJ cuts rates by 25 basis points

• The CBJ cut its main policy rates 25 basis points across theboard, effective July 9, just a few weeks after the issuance of a$1.5 billion Eurobond and data showing that quarterly GDPgrowth has dipped to the lowest level since Q2 of 2010.

• Based on the changes made by the CBJ to the interest ratesstructure, it seems that the CBJ is comfortable with theeconomic and political outlook of Jordan.

• Moreover, it seems that the CBJ is adopting an expansivemonetary policy stance and is indicating that banks shouldbecome more active in lending to the private sector andallocate liquidity more efficiently.

• However, since the new monetary policy framework wasannounced in February of this year, credit growth has beenminimal. Credit facilities have grown by 622 million JD in thefirst 4 months of the year, up by 3.2%.

• It is important to note that excess liquidity levels are currentlyaround 4 billion JD (including weekly CDs).

• Interest rates are expected to drop in the coming months due tohigher excess liquidity in the market and the new rate cut.

26

Budget deficit narrowed in the first five months of 2015, despite drop in total revenues and grants

• The Ministry of Finance released government budget figures for May2015, which showed that the budget balance improved in the first fivemonths of 2015 compared to the same time period of 2014, with adeficit of JD 95 million compared to last year’s deficit of JD 206 million.

• The JD 111 million improvement in the budget balance was a result ofa JD 116 million decrease in total expenditures, which offset a drop ofJD 5 million in total revenues and grants.

• Total revenues and grants fell by around JD 5 million in the first fivemonths of 2015, as a JD 2 million increase in domestic revenues failedto offset a JD 7 million decrease in foreign grants for the same period.The moderate increase in domestic revenue was mainly a result of adecline in other revenues especially property income, that mostlyoffset the increase in tax revenue.

• Foreign grants declined by JD 7 million compared to the same timeperiod in the previous year, which is disappointing signaling lessforeign grants this year. However, grants are usually committedtowards the latter part of the year, and we expect this figure toincrease in the coming months.

• Total expenditures decreased by around JD 116 million for the sameperiod, due to a JD 107 million decrease in current expenditures and adecrease of JD 9 million in capital expenditures.

27

Public debt at 78.1% of GDP, 21.2 billion JD

• Meanwhile, the fiscal balance before grants resulted in abudget deficit of JD 363 million during the first five months of2015, compared to a budget deficit of JD 481 million duringthe same period of last year; a drop of around JD 118 million,so far in line with budget expectations.

• Furthermore, net public debt reached around JD 21,205million in May 2015, around 78.1% of 2015 estimated GDPaccording to the Ministry of Finance’s calculations, increasingby around JD 649 million in the first five months of the year.

• External debt fell by around JD 8 million, while net domesticdebt increased by JD 657 million for the same period.

• The rise in public debt are due to the increase in guaranteedloans for both NEPCO and water authority during the first fivemonths of this year.

• It is noteworthy that gross public debt reached around JD 23.4billion in May, around 86.4% of GDP, increasing by around JD438 million in the first five months of the year due to anincrease in outstanding debt of own-budget agencies.

28

Amman Stock ExchangeFor the period 05/07– 09/07

ASE free float shares’ price index ended the week at

(2,113.0) points, compared to (2,131.2) points for the last

week, posting a decrease of 0.86%. The total trading

volume during the week reached JD(416) million compared

to JD(59.2) million during the last week, trading a total of

(247.9) million shares through (12,596) transactions.

The shares of (159) companies were traded, the shares

prices of (58) companies rose, and the shares prices of (66)

declined.

Top 5 losers for the last week

% chg

Arabian Steel Pipes Manufacturing (14.09%)

Capital Bank of Jordan (10.14%)

Future Arab Investment Company (8.57%)

Comprehensive Multiple Project Company (8.00%)

Contempro for Housing Projects (7.91%)

Top 5 gainers for the last week

Stock % chg

Al-Sanabel International for Islamic Investments (holding) Plc. Co. 24.59%

Specialized Investment Compounds 19.57%

United Iron & Steel Manufacturing Co. P.l.c 12.50%

Rum Financial Brokerage 12.32%

Taameer Jordan Holdings Public Shareholding Company 11.76%

29

Local Debt MonitorLatest T-Bills

Yield (%)Size - millionMaturity DateIssue Date1-week CDs

2.500%1,00014/07/201507/07/201523/2015

2.500%1,00007/07/201530/06/201522/2015

2.500%1,00030/06/201523/06/201521/2015

2.500%1,00023/06/201516/06/201520/2015

Yield (%)Size - millionMaturity DateIssue Date3-month T-Bills

2.898%5014/03/201214/12/2011Last issued in December 2011


3.788%5014/08/201214/02/2012Last issued in February 2012


4.285%7504/12/201204/03/2012Last issued in March 2012

Coupon (%)Size - MillionMaturity DateIssue Date1-year T-Bills

2.213%5013/07/201613/07/201502/2015

2.750%7505/02/201605/02/201501/2015

3.450%5018/11/201518/11/201410/2014

3.270%10012/10/201512/10/201409/2014

As of July 12, the volume of excess reserves, including the overnight window deposits held at the CBJ

JD (3,031) million.

30

Local Debt MonitorLatest T-Bonds Issues

Coupon (%)Size - millionMaturity DateIssue Date2-year T-Bonds

2.750%7518/06/201718/06/2015T1715

2.750%7516/06/201716/06/2015T1615

2.860%7514/06/201714/06/2015T1515


3.197%7523/06/201823/06/2015T1815

3.856%7519/03/201819/03/2015T0715

4.333%5022/01/201822/01/2015T0415


7.246%37.515/01/201615/01/2012Last issued in January 2012


4.014%5025/06/202025/06/2015T1915

4.434%5004/06/202004/06/2015T1415

4.456%5021/05/202021/05/2015T1315

Coupon (%)Size - millionMaturity DateIssue DatePublic Utility Bonds

4.263%3019/08/201719/08/2014PB65 (Water Authority)

5.583%32.501/07/201901/07/2014PB64 (Water Authority)

5.850%2230/01/201930/01/2014PB63 (Water Authority)

31

Prime Lending Rates

32

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weekly economic monitor - cairo amman bank€¦ · weekly economic monitor july 12, 2015. 2 brief...

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