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-bills 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 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.

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.