Finance Ministry Sells EGP 900 Mln T-Bonds

The Egyptian Ministry of Finance raised EGP 900 million in treasury bonds, while it sought to sell 3-, and 7-year treasury bonds worth 1.5 billion in an auction on Monday.

The Ministry raised EGP 600 million from the 3-year T-bonds and EGP 300 million from 7-year T-bonds.

The yields on the 3-year T-bonds ranged from 15.40% to 15.45%, while the average return registered 15.43%. The yields on the 7-year T-bonds ranged from 15.90% to 15.90%, while the average return registered 15.90%.

The Finance Ministry cancelled an auction to sell treasury bills and bonds worth EGP 11.1 billion in a week because banks demanded higher returns.

The Ministry cancels these auctions because of the downgrade of Egypt’s credit rating by Standard and Poor’s which made government debt instruments government debt instruments and also because these instruments

The Ministry cancels these auctions because government debt instruments have become unattractive after downgrading Egypt’s credit rating by Standard and Poor’s and also because they pose great burdens on the country.