Cairo – Mubasher: The Central Bank of Egypt (CBE) on Sunday said it would issue treasury bonds (T-bonds) worth EGP 1.5 billion in coordination with the Ministry of Finance (MOF).
The issuance is carried out on Sunday as markets and banks will be closed for a three-day Eid Al Adha holiday starting Monday, 20 August until Wednesday, 22 August.
The first tranche of T-bonds will be offered through seven-year notes worth EGP 1.5 billion, the CBE said via its official website.
On Thursday, the CBE had issued three-year T-bonds at EGP 2 billion.
Egypt’s debt instruments, especially treasury bills, are seen attractive to foreign investors owing to their high yield, while state-run banks 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.
