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Treasury Bonds
NATIONAL BANK OF RWANDA
An opportunity to invest in Rwanda
Government securities
PROSPECTUS
FOR
Rwanda Government TREASURY BOND
TENOR: 2 years
Coupon interest RATE: 9,5 %
Total VALUE: RWF 2.5 billion
Issue N°: FXD 3/2010/2yrs
AGENT: NATIONAL BANK OF RWANDA
AUCTION DATE: August 19th, 2010.
ISSUE N ° : FXD 3/2010/2YR S
The National Bank of Rwanda invites bids for the above Bond whose terms and conditions are as follows:
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Issuer…………………………………
Auction Date ………………………..
Amount………………………………
Redemption Date…………………….
Tenor ………………………………..
Purpose………………………………
Coupon interest rate…………………..
Interest payment dates (semi-annually)
Issuing and paying agent………………
Mode of issuing………………………..
Listing: ………………………………...
Trading…………………………………
Minimum amount for:
- competitive bids :…………….
- non competitive bids :………
Price per 100 RWF………………….
Day count convention:…………………
Tax:……………………………………
Eligibility:……………………………
Defaulters:……………………………..
Right to accept applications:…………..
Advantages of Treasury Bonds……….
Auction process:……………………..
Payment and settlement procedures…...
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National Bank of Rwanda
August 19th , 2010
RWF 2,5 billion
August 17, 2012
2 Years
Capital Market Development
Fixed at 9.5 %.
18/02/2011 , 19/08/2011, 17/02/2012, 17/08/2012
Registrar, National Bank of Rwanda
Multiple bid auction
To be listed on Rwanda OTC market.
Secondary trading in multiples of Rwf.100, 000 will commence on Friday 27 August 2010 on the Rwanda OTC market.
RWF 50 million
RWF 100,000
Quoted at premium, par or discount to three decimal places.
Actual/364
Discount and interest will be subject to the prevailing tax rate. Withholding tax currently at 15%
Resident and non residents who have opened accounts in licensed commercial banks, intermediaries or at the National Bank of Rwanda.
Will be suspended from subsequent auctions.
National Bank of Rwanda reserves the right to allot the application in part or reject in total at its discretion
- They are transferable and negotiable;
- They can be pledged as collateral
- The rate of return is competitive.
- A press release will be issued one week before auction , announcing the auction date, size of issue, coupon rate and other terms and conditions;
- Investors are invited to complete application forms and apply for Treasury bonds (see annex).
- All bids must be submitted to the National Bank of Rwanda through one of the licensed commercial banks or directly for institutional investors with accounts at the National Bank of Rwanda;
- Reception of bids : Up to August 19th ,2010 at 10:00 a.m.
- Successful bids will be accepted in descending order, starting with the highest priced bid until the offered amount is exhausted;
- The results of the auction will be published at NBR website: www.bnr.rw, and the media.
Commercial banks will be responsible for settling their own successful bids and the successful bids of other bids submitted through them;
If settlement or coupon payment or redemption date falls on public holiday, value date shall be the next business day.
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Done at Kigali on August 13th, 2010
François KANIMBA,
Governor.
NATIONAL BANK OF RWANDA
BOND YIELD/PRICE TABLES
(2Yr BOND 9.5% coupon rate (Yields at intervals of 0, 125)
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YTM
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Price
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YTM
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Price
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5,500
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107,479
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9,375
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100,223
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5,625
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107,234
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9,500
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100,000
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5,750
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106,990
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9,625
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99,777
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5,875
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106,747
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9,750
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99,555
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6,000
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106,505
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9,875
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99,334
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6,125
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106,263
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10,000
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99,114
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6,250
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106,022
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10,125
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98,893
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6,375
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105,782
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10,250
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98,674
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6,500
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105,542
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10,375
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98,455
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6,625
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105,304
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10,500
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98,237
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6,750
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105,066
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10,625
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98,020
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6,875
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104,828
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10,750
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97,803
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7,000
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104,591
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10,875
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97,587
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7,125
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104,355
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11,000
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97,371
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7,250
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104,120
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11,125
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97,156
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7,375
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103,885
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11,250
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96,942
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7,500
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103,651
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11,375
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96,728
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7,625
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103,418
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11,500
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96,515
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7,750
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103,186
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7,875
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102,954
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8,000
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102,722
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8,125
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102,492
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8,250
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102,262
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8,375
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102,033
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8,500
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101,804
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8,625
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101,576
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8,750
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101,349
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8,875
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101,123
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9,000
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100,897
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9,125
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100,672
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9,250
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100,447
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I1 I2 I3 In FACE VALUE
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P =
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------- + -------- + -------- + …. + -------- + ----------------
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(1+r)1 (1+r)2 (1+r)3 (1+r)n (1+r)n
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NATIONAL BANK OF RWANDA
TREASURY BONDS APPLICATION FORM
I. Bidder :……………………………………………………
Bidder’s Bank ………………………………………….
Account n°…………………………………………………………….
PO.Box……………………………………………………………….
Fax…………………………………………………………………….
Phone : -fix………………………………………………………….
-cell …… ………………………………………………..
II. Auction : n° ………………………..of………………………………
Total Amount of tender ……………………………………………….
Maturity………………………………………………………………
Settlement Date………………………………………………………
Maturity date………………………………………………………….
Tender’s total amount ………………………………………...............
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Tender amount
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Price per 100 Rwf([1])
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- Date and signature of the bidder
- This tender constitutes an irrevocable agreement to debit our current account
n° …………………in NBR’s books of the net settlement amount ([2]) .
- The tender’s bank or financial institution signature authorises to debit his account in NBR’s books.
[1]([1])To fill by the competitive tenders.
([2] )To fill by the tender without account in NBR’s book.
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