Cairo - Mubasher: Egypt on Monday has sold three-year and seven-year treasury bonds (T-bonds) at an average yield of 18.43% for the first time since a month, according to the finance ministry’s data.

The total proceeds of the three-year and seven-year debt notes, oversubscribed 4.4 and 3 times, respectively, amounted to EGP 903.8 million, EGP 347 million lower than the target, the ministry added.

Earlier on Monday, the Central Bank of Egypt (CBE) said it would issue T-bonds worth EGP 1.25 billion on behalf of the finance ministry.

In September, the finance ministry had cancelled four T-bond offerings at a combined value of EGP 13.5 billion due to higher yield. 

During the second quarter of fiscal year 2018/2019, the ministry is planning to increase government debt instruments by 28% year-on-year. 

The North African nation is mulling over issuing debt instruments worth EGP 192 billion, EGP 153.5 billion, and 153.25 billion during October, November, and December, respectively.

Egypt is looking to slash debt-to-gross domestic product (GDP) by 92% this year, while the FY18/19 state budget aims to finance budget deficit with EGP 511.2 billion.