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Egypt issues EGP 3.5bn T-bonds Monday

Egypt issues EGP 3.5bn T-bonds Monday
The issuance will be used to finance the budget deficit

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 eight-year notes at EGP 1.5 billion, while the second offering will be through three-year notes at EGP 2 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.