Cairo – Mubasher: The Central Bank of Egypt (CBE) on Monday said it would issue treasury bonds (T-bonds) worth EGP 1.25 billion in coordination with the Ministry of Finance (MOF).
The first tranche of T-bonds will be offered through three-year notes worth EGP 750 million, while the second offering will be through seven-year notes at EGP 500 million, according to the CBE’s official website.
The issuance will be used to finance the budget deficit, the CBE said.
Egypt’s debt instruments, especially treasury bills, are seen attractive to foreign investors owing to their high yield, while state-run lenders are the largest holders of the Egyptian government’s debt instruments.
The MOF posted a 51% year-on-year surge in T-bill issues for the second quarter of fiscal year 2017/2018, recent data showed.
Egypt aims to issue EGP 409.6 billion T-bills and EGP 101.6 billion bonds in fiscal year 2018/2019.
The CBE previously said that Egypt’s total foreign debt rose 2.3% quarter-on-quarter, or by $1.8 billion, to $80.8 billion in the first quarter of FY17/18.
