The Egyptian Ministry of Finance plans to launch 26 treasury bill (T-bill) and treasury bond (T-bond) issuances worth EGP 506.5bn in August. This includes 16 treasury bill issuances totalling EGP 480bn and 10 bond issuances worth EGP 26.5bn.
The Central Bank of Egypt (CBE), acting on behalf of the government, will issue four T-bill auctions totalling EGP 150bn for 91 days, four T-bill auctions totalling EGP 130bn for 182 days, another four T-bill auctions totalling EGP 90bn for 273 days, and four more auctions totalling EGP 110bn for 364 days.
Additionally, there will be two two-year T-bond auctions worth EGP 2bn, two three-year variable rate bond auctions worth EGP 4bn, four three-year fixed rate bond auctions worth EGP 20bn, and two five-year bond auctions worth EGP 500m each.
Banks operating in the Egyptian market are the largest investors in the treasury bills and bonds issued by the government regularly to cover the state budget deficit. These bonds and bills are issued through 15 banks participating in the “Primary Dealers” system in the primary market. These banks then resell a part of these securities in the secondary market to individual and institutional investors, both local and foreign.
Previously, the Ministry of Finance revealed that the total outstanding balances of local T-bill and T-bonds reached approximately EGP 4.966trn in January 2024.
According to the latest report published on the ministry’s website, the outstanding balances of treasury bills amounted to approximately EGP 2.734trn, while the outstanding balances of treasury bonds were around EGP 2.232trn.