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Egypt issues EGP 18bn T-bills Sunday

Egypt issues EGP 18bn T-bills Sunday
The Central Bank of Egypt

Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18 billion on Sunday on behalf of the Ministry of Finance (MoF).

The first tranche of the T-bills will be offered through 91-day notes at EGP 9.5 billion, while the second tranche amounts to EGP 8.5 billioin and will be through 266-day notes, the CBE said via its official website.

The issuance will be used to finance the budget deficit, the CBE added.

Egypt’s debt instruments, especially T-bills, are seen as 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.