Product description

• Short term negotiable bill of exchange.
• Used by Governments to help finance national borrowing requirements
• Quoted for purchase/sale in the secondary market on an annual percentage yield to maturity.
• Issued at discount

Product features

• Short term debt instrument
• Issued at zero coupon rates i.e. no interest paid during life-cycle of the bill.
• Issued in fixed tenures i.e. 91days, 182days and 364days.
• Primary dealers or investment bankers may underwrite it.
• Interest is paid upfront

Your benefits

• T-bills qualify as liquid assets for the purpose of liquidity ratio computation.
• Used as collateral securities for repurchase transactions
• Interest received not subject to tax
• Repayment guaranteed at maturity

The Requirements

Existing Clients

• Letter expressing desire to invest in T-Bills and authority to debit account thereafter
• Custodial authority duly signed by client
• Copy of physical bill duly signed by investor and reflecting issuers name
• Duly signed investment contract confirmation letter showing issuers name.
• Filled KYC form

New Clients

• Account opening form with passport attached and means of identification
• Cheque or lodgment slip
• Custodial authority duly signed by client
• Copy of physical bill duly signed by investor and reflecting issuers name
• Duly signed investment contract confirmation letter showing issuers name.
• Filled KYC form

Application process

• You initiate request and comply with requirements above
• Account officer verifies documents and forwards to treasury
• Treasury raises deal slip and forwards to Trops
• Customers account is debited in line with deal slip instructions
• Contract certificates are generated