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Egypt issues EGP 17bn T-bills Sunday

Egypt issues EGP 17bn T-bills Sunday
The issuance will be used to finance the budget deficit

Cairo- Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 17 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 8.5 billion, while the second tranche is valued at EGP 8.5 billion 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.

The MoF targets issuing debt instruments worth EGP 148 billion in May.

Previously, the MoF stated that it aims to finance the budget deficit by EGP 511.2 billion in fiscal year 2018/2019.

Egypt aims to issue EGP 409.6 billion T-bills and EGP 101.6 billion bonds in FY18/19.