Egypt Sells 91-, 266-Day T-Bills Worth EGP 4 Bln

The Egyptian Ministry of Finance sold 91- and 266-day T-bills worth 4 billion on Sunday.

The return on 91-day T-bills worth EGP 500 million ranged from 12.648% to 13.981%, while the average return registered 12.884%.

The return on 266-day T-bills worth 3.5 billion ranged from 13.5% to 13.780%, while the average return registered 13.692%.

The Ministry of Finance sells treasury bills and bonds as well as asks for foreign loans and grants in order to finance the budget deficit which reached EGP 200 billion.

The Ministry had earlier stated that it will offer 91-, 182-, 273- and 364-day T-bills and 3-, 5-, 7- and 10-year bonds worth EGP 149 billion in Q3 of FY 2012/2013.

91-, 182-, 273- and 364-day T-bills will be offered at values of EGP 8.5 billion, EGP 27 billion, EGP 43.5 billion and EGP 46 billion respectively.

The Ministry will also offer 3-year treasury bonds worth EGP 6 billion (mature in January 2016), 5-year treasury bonds worth EGP 7 billion (mature in November 2017), 7-year treasury bonds worth EGP 6 billion (mature in November 2019) and 10-year treasury bonds worth EGP 5 billion (mature in January 2023).

The Central Bank of Egypt (CBE) sells T-bills on behalf of the Ministry of Finance.