Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bonds (T-bonds) worth EGP 1.75 billion on Monday, on behalf of the Ministry of Finance (MOF).
The first tranche of the T-bonds will be offered through 10-year notes at EGP 750 million, while the second offering will be through five-year notes at EGP 1 billion, 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 T-bills, are attractive to foreign investors owing to their high yield. State-run banks are the largest holders of the government’s debt instruments.
Egyptian finance minister Mohamed Maait previously stated that total foreign holdings of Egypt’s sovereign debt reached $15.8 billion in February.
Egypt’s debt instruments, especially T-bills, are attractive to foreign investors owing to their high yield. State-run banks are the largest holders of the government’s debt instruments.
The North African state aims to slash debt-to-gross domestic product (GDP) by 92% this year.
The MOF previously stated it aims to finance the general budget deficit of EGP 511.2 billion in fiscal year 2018/2019.
Egypt seeks to issue EGP 409.6 billion T-bills and EGP 101.6 billion bonds in FY18/19.
