The Ministry of Finance revealed that the outstanding balance of treasury bills (T-Bills) and bonds (T-bonds) owed by the government until January 2019 reached EGP 1.856tn.
Banks working in the Egyptian market are considered the largest investors in bonds and T-Bills, which the government issues on a regular basis in order to cover the state’s budget deficit.
T-bonds and T-Bills are proposed through 15 banks, which are the principal dealers in the primary market. These banks resell a portion of these bills and bonds in the secondary market to retail investors, as well as to local and foreign institutions.
According to the ministry, outstanding balances of T-Bills reached EGP 1.166tn at the end of January 2019, including EGP 103.286bn of 91-day bills, EGP 212.744bn of 182-day bills, EGP 327.839bn of 273-day bills, and EGP 522.289bn of 364-day bills.
According to the ministry, these T-Bills are due between 5 February 2019 and 28 January 2020.
With regard to local T-bonds balances, the finance ministry indicated that they reached EGP 690.216bn at the end of January 2019.
These bonds were offered in the period from 18 January 2005 to 11 December 2018. They will be paid between 25 February 2019, and 6 November 2028.
Interest rates on these bonds range from 11.4% and 18.75%, averaging 15.154%.
Aside from the local currency bonds, there is an additional $19.21bn worth of international bonds in global markets.
The first instalment of these bonds will be due on 29 April 2020 through to 21 February 2048, with an interest of 5.75% and 8.5%, averaging 6.972%.
Moreover, another €2bn worth of bonds will be due on 16 April 2026, and 16 April 2030 at an average of 4.75% and 5.625% of interest.