Egypt’s Finance Ministry plans to issue 35 bids for treasury bills and bonds worth $16.65bln in August

Egypt’s Finance Ministry plans to issue 35 bids for treasury bills and bonds worth $16.65bln in August

The Ministry of Finance intends to offer 35 bids for treasury bills and bonds worth EGP 315.5bn in August as part of a government plan that aims to borrow EGP 818bn from the local market during the first quarter (1Q) of FY2022/23.

According to the government’s plan, the finance ministry intends to issue 20 bill bids worth EGP 264bn and 15 bond tenders worth EGP 51.5bn.

The Central Bank of Egypt (CBE) — which will undertake this task on behalf of the government — will issue in August five bids for 91-day bills worth EGP 72bn, five for 182-day bills worth EGP 74bn, another five for 273-day bills worth EGP 38.5bn, and an additional set of 364-day bills worth EGP 79.5bn.

The plan also includes offering five Zero Coupon bonds with terms of one-and-a-half years worth EGP 36bn, three bids for three-year bonds worth EGP 11.5bn, and two five-year bids worth EGP 2bn.

The ministry is also offering three seven-year bond bids worth EGP 1.5bn and two 10-year bonds worth EGP 500m.

The banks operating in the Egyptian market are the largest sectors investing in bonds and treasury bills, which the government periodically offers to cover the state’s general budget deficit.

These bonds and bills are