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Re-Opening: 2.90% Three -Year Government of Mauritius Treasury Notes

On 17 February 2017, the Bank of  Mauritius  issued 2.90% Benchmark Three-Year Government of Mauritius Treasury Notes, maturing on 17 February 2020 for a nominal amount of Rs1,800  million  through an auction held on 15 February 2017.


2. Pursuant to the issuance plan dated 09 December 2016 and, in accordance with section 5 of the Public Debt Management Act 2008 and section 57 of the Bank of Mauritius Act 2004, the Bank is pleased to announce the re-opening of the 2.90% Benchmark Three-Year Government of Mauritius Treasury Notes maturing on 17 February 2020 through an auction to be held on Wednesday 22 March 2017, for a nominal amount of Rs1,800 million for settlement on Friday 24 March 2017.


3. The Bank will receive bids from Primary Dealers for this auction on the same day, i.e. Wednesday 22 March 2017, on a yield basis quoted to two decimal places, in multiples of Rs100,000.- Primary Dealers may submit, for their own account up to a maximum of five bids, one for each bid yield, which, however, should not exceed the tender amount in the aggregate.


4. Primary Dealers may submit their bids through the Reuters Dealing System before 10.00 a.m. on Wednesday 22 March 2017. Bids received after the prescribed time and date will not be considered.

5. The results of the auction will be announced on the same day and bidders will be informed accordingly through ‘Letter of Acceptance’. Successful bidders will be required to effect payment of the cost price of the Treasury Notes through the Mauritius Automated Clearing and Settlement System (MACSS) at latest by 11.00 a.m. on Friday 24 March 2017. Payment of maturity proceeds and interests accruing on the Treasury Notes by the Bank will also be made through the MACSS.


6. The Treasury Notes will be issued dated 24 March 2017 and will mature and be redeemed at par by the Bank of Mauritius on 17 February 2020. The Bank may, at its discretion, allow the Treasury Notes to be redeemed or converted into other instruments at market rates prior to maturity.


7. Interest on these Treasury Notes will be paid half-yearly on 17 August and 17 February by the Bank during the currency of the Treasury Notes to the bank account of the registered holder(s). Interest will accrue on the Treasury Notes as from 17 February 2017 on the nominal amount allotted and will cease on the date of their maturity.


8. The cost price for the Treasury Notes allotted will include interest from 17 February 2017 to 23 March 2017.


9. The Treasury Notes will be issued in Book-Entry form and records will be kept at the Bank of Mauritius. The Treasury Notes may be freely traded and are transferable from one investor to another in multiples of Rs100,000.-.


10. The Bank of Mauritius reserves the right to accept or reject any bid either in full or in part, without assigning any reason in respect thereof.




15 March 2017