CBI Ministry of Finance Auction Oct 31, 2011: Govt debt Securities

Posted: November 1, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,

Auction number HY34 of government debt securities was a uniform price auction for IQD 150,000,000,000 par value of bills which  concluded on 31-10-2011.

Total public  IQD 120,720,000,000. Valid competitive bids totaled IQD 119,700,000,000 and valid non competitive bids totaled IQD 1,020,000.000 and The cut off yield (the highest yield of a successful bidder) determined by auction was 9.30%.

Securities Offered Discount
Total Offering 150,000,000,000
Total Public Bidding 120,720,000,000
Pricing Multiple
Term of Security (days) 182
Settlement Date 1-11-2011
Maturity Date 1-5-2012
Competitive Bidders 5
Winning Bidders 5
Total Non-Competitive Bids Awarded 1.020,000,000
Total Valid Competitive Bids 119,700,000,000
Total competitive Bids Awarded 119,700,000,000
Range of Yields  of Valid Competitive Bids [8.50%-9.30%]
Cut off Yield 9.30
Bids Received as % of Amount Offered 80.48

The Ministry of Finance is authorized under the “Public Debt Law” to issue obligations guaranteed by the government of Iraq. The Central Bank of Iraq, as fiscal agent of the Ministry of Finance is authorized to conduct auctions for government debt securities on behalf of the Ministry of Finance. The Ministry of Finance issues government debt securities to finance the government of Iraq, subject to the limits of the “Annual Budget Law”.

To achieve this financing objective, the Ministry of Finance determined a system and mechanism for government debt securities auctions that will be held periodically, with the results announced at 11 am in the morning after the close of the auction at 10 am.


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