Egypt’s Ministry of Finance revealed that the outstanding balance of local treasury bills (T-bills) and bonds amounted to about EGP 4.3trn in November 2022.
According to the ministry, the outstanding balance of T-bills reached about EGP 1.732trn in November, of which about EGP 686.597bn worth of T-bills for 364 days, about EGP 133.091bn T-bills for 273 days, about EGP 357.024bn T-bills for 182 days, and about EGP 555.501bn T-bills for 91 days.
The maturity date for these bills extends from 6 December 2022 to 28 November 2023, taking into account that other bills are offered with the same deadlines on a weekly and periodic basis.
Moreover, the outstanding balance of bonds amounted to about EGP 2.568trn in November, of which about EGP 280.501bn were “zero coupon” bonds.
According to the Finance Ministry, the maturity date for these bonds extends from 1 November 2022 to 18 January 2037, also taking into account that other bonds are offered on a weekly and periodic basis.
The banks operating in the Egyptian market are the largest sectors investing in bonds and treasury bills that the government offers periodically to cover the state budget deficit.
These bonds and bills are offered through 15 banks that participate in the system of “primary dealers” in the “primary market”, and those banks resell part of them in the “secondary market”, to individual and local and foreign institutional investors.
In the same context, the Ministry of Finance revealed the outstanding balance of Egypt’s foreign bonds in November 2022.
According to the ministry, about $34.21bn worth of US dollar bonds were offered from 11 June 2015 to 30 September 2021, and are due from 21 February 2023 to 16 February 2061.
The interest rate on these bonds ranges between 3.875% and 8.875%, with an average of 7.126%.
The Finance Ministry indicated that there were other bonds worth €4bn, which were offered from 16 April 2018 to 11 April 2019, and are due during the period from 11 April 2025 to 11 April 2031.
The return rate on these bonds ranges between 4.75% and 6.375%, with an average of 5.477%.
In addition to that, there were other bonds denominated in Japanese yen, amounting to about ¥60bn, equivalent to $500m. They were offered on 31 March 2022, and are due on 31 March 2027, and the return rate is 0.85%.
