The Central Bank of Egypt (CBE) will issue ten-year treasury bonds (T-bonds) worth EGP 1 billion on Thursday on behalf of the Ministry of Finance (MoF).
In addition, the CBE also issued on Wednesday five-year T-bonds valued at EGP 1.25 billion, the CBE said via its official website.
The issuance will be used to finance the country’s budget deficit, the CBE noted.
T-bonds are regularly issued on Mondays, but the CBE decided to make this issuance as banks will be closed for three days on the occasion of Eid Al Adha holiday starting from Sunday, 11 August.
Egypt’s debt instruments are considered attractive to foreign investors due to their high yield. State-owned banks are the largest holders of public debt instruments.
The most populous Arab nation aims to reduce borrowing cost through counting on Eurobond issuances instead of the country’s high-yield local debt.