Egypt’s Finance Ministry Issues US$ 2.7 Bln T-Bonds

The Egyptian Ministry of Finance issued dollar-denominated treasury bonds worth US$ 2.70 billion (due on November 28^th, 2014) yesterday. The Ministry targets to issue T-bonds worth US$ 12 billion to finance the burgeoning budget deficit.

The Ministry revealed in a prospectus that the return on the T-bonds, traded in Irish Stock Exchange, registered 4.250%.

An official at the Central Bank of Egypt (CBE) had earlier stated that Egypt received US$ 3 billion from Qatar on May 9^th and that the Finance Ministry will issue three-year T-bonds with the same value for Qatar at 3% interest rate.