Reluctance of banks to buy the bonds back to the national electricity (government guarantees)
Last updated: 2011-12-05, 02:12 pm
Recent issues of bonds and permissions national electricity company showed a reluctance by banks for purchase, after reaching the final of the bond coverage ratio to 0.48 times.
Sources familiar Arabs today that he is not the last two releases of bonds and permissions national electricity company's total worth 125 million dinars cover forward by the past two weeks and the government bail.
The bonds have been put forward for the national electricity company is guaranteed by the government closed on November 20 last in the amount of 75 million dinars, which were covered at a rate of 0.79 times, amounting to total bids submitted for the auction of 59.6 million dinars. The sale amount was 48.6 million dinars, at an interest rate stood at 6.24 percent.
Bills have also been put forward for the national electricity company, guaranteed by the government, on October 29 last second, $ 50 million dinars, where the display has coverage of 0.48 times, after the total bids submitted amounted to 24 million dinars. But he has been selling the amount of 23 million dinars, the price-weighted annual return of 4.213 percent.
It expects to record the national electricity company financial deficit of 936 million dinars in the budget re-appreciation 0.2011 in what is expected to decline this deficit to 731 million dinars next year 0.2012
In detail, these deficits came after recording item net revenue resulting from the sale of electricity deficit of 865 million dinars is expected to recede in 2012 to 627 million dinars.
It is noteworthy that the increasing inability of the national electricity company came by the interruption of natural gas supplies from Egypt, which caused the reliance on heavy fuel oil and diesel for the purpose of generating versus continuing to Tthbytasar electricity, which carry the company's financial