Egyptian Finance Sells EGP3bln T-Bonds

Egyptian Finance Ministry has succeeded to sell 3-and-7 year treasury bonds worth EGP3billion.

Throughout its official website, the Ministry said the first offering 3-year reached EGP1.5billion, recording an average return of 12.18% , the less is 12.08% and the highest reached 12.247% , in addition 1.8 times has been covered.

The Ministry added that the second offering which is 7-year hit EGP1.5billion, recording 13.44% average return, 13.28% the lowest and 13.7% on the top, in addition 1.3 times has been covered.

The government has restored to offer local debts in order cover the worsening budget deficit, which is EGP40billion within the last July and August, whereas it is aiming to up 9.1% of the total domestic gross to become EGP186billion during the fiscal year of 2013-2014.