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Egypt issues EGP 1.5bn T-bonds Sunday

Egypt issues EGP 1.5bn T-bonds Sunday
Egypt issues EGP 1.5bn T-bonds Sunday

Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bonds (T-bonds) worth EGP 1.5 billion on Sunday on behalf of the Ministry of Finance (MOF) as Monday, 23 July is an official holiday in celebration of 23 July Revolution.

The T-bonds will be offered through eight-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.

It is worth noting that the CBE issues treasury bills (T-bills) each Sunday and Thursday and issues T-bonds each Monday.

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.