Egypt Sold EGP 1 Bln T-Bonds, Failed To Sell 3-Year T-Bonds Worth EGP 500 Mln

The Egyptian Ministry of Finance sold 3- and 10-year T-bonds worth 1 billion, but it failed to sell 3-year T-bonds worth EGP 500 million on Monday.

The Ministry offered 3-year T-bonds worth EGP one billion, but it sold EGP 500 million worth of 3-year T-bonds only. The yield on 3-year T-bonds ranged from 14.41% to 14.58%.

The yield on 10-year T-bonds (worth EGP 500 million) ranged from 16.45% to 16.58%, while the average return registered 16.52%.

The Ministry targets to sell treasury bills and bonds worth EGP 97.5 billion in February and March. The Ministry sells government debt instruments in order to finance the widening budget deficit which is expected to reach EGP 200 billion by the end of the current fiscal year.

The Central Bank of Egypt (CBE) sells treasury bills and bonds on behalf of the Ministry of Finance.