Egypt Offers 5-, 7- Year T-Bonds Worth 2 Bln On Monday

The Egyptian Ministry of Finance offers 5- and 7- year T-bonds each worth EGP 1 billion on Monday.

The Ministry targets to offer 91-, 182-, 273-, and 364-day T-bills and 3-, 5-, 7- and 10-year T-bonds with total value of EGP 52.5 billion in February.

The Ministry stated on its website that it will offer 91-, 182-, 273-, and 364-day T-bills with values of EGP 5.5 billion, EGP 9.5 billion, EGP 15.5 billion and EGP 16 billion respectively.

The Ministry added that it will offer 3-year T-bonds (mature on January 2016) worth EGP 2 billion, 5-year T-bonds (mature in November 2017) worth EGP 1.5 billion, 7-year T-bonds (mature in November 2019) worth EGP 1.5 billion and 10-year T-bonds (mature in January 2023) worth EGP 1 billion.

The Ministry sells treasury bills and bonds in order to finance the widening budget deficit which is expected to reach EGP 200 billion by the end of FY 2012/2013.

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