Purchase TB subscriptions edged up slightly by 2.33 percent to LP451.94 billion ($299.79 million) at the December 14 auction, while maturing bills rose 22 percent to LP340.8 billion ($226.07 million), thus resulting in a surplus of LP87.32 billion ($57.92 million). The level of TB subscriptions is expected to remain relatively stable in the coming weeks.
Some change in subscription levels may transpire early next year as the new government’s economic policy starts to take its course. However, no change in TB yields is expected in the near future unless, as the Central Bank Governor pointed out, privatization of state-owned enterprises goes ahead.
The pattern of subscriptions was similar to the previous week, with the share of the 24-M TB almost steady at 42.9 percent, while that of the 12-M TB rose 6.5 percentage points to 34.7 percent. The short-term 3-M and 6-M TBs saw their share lose 9 points to 13.8 percent and 8.6 percent respectively. The Central Bank sold LP1 billion ($663,350) worth of 364-day certificates of deposit this week. ¯ ( Banque du Liban et d'Outre-Mer Sal )
© 2000 Mena Report (www.menareport.com )