Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bonds (T-bonds) worth EGP 3 billion on Monday on behalf of the Ministry of Finance (MOF).

The first tranche of T-bonds will be offered through three-year notes at EGP 1.75 billion, while the second offering will be through seven-year notes at EGP 1.25 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.

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.