CBE bank to issue 17.25bn Egyptian pounds T-bills Thursday

The Central Bank of Egypt (CBE) will issue 17.25 billion pounds in treasury bills (T-bills) on Thursday on behalf of Egyptian Ministry of Finance (MOF).

The first tranche worth 8.5 billion pounds will be offered through 182-day notes, while the second offering will be through 364-day notes at 8.75 billion pounds, the CBE said.

The issuance will be used to finance the budget deficit.

Egypt’s debt instruments, especially T-bills, are attractive to foreign investors owing to their high yield. State-run banks make up the largest portion of holders of the government’s debt instruments.

Egypt aims to issue 409.6 billion pounds T-bills and 101.6 billion pounds bonds in financial year 2018/2019.

The CBE previously said that the country’s total foreign debt rose 2.3 percent quarter-on-quarter, or $1.8 billion, to $80.8 billion in the first quarter of financial year 2017/2018.