Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bonds (T-bonds) worth EGP 3.5 billion on Monday on behalf of the Ministry of Finance (MOF).
The first tranche of T-bonds will be offered through five-year notes at EGP 2 billion, while the second offering will be through 10-year notes at EGP 1.5 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 treasury bills, are attractive to foreign investors owing to their high yield. State-run banks are the largest holders of the government’s debt instruments.
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 $1.8 billion, to $80.8 billion in the first quarter of FY17/18.