The Egyptian government plans to issue EGP 2.175trn in local debt instruments during the fourth quarter of fiscal year 2024/2025 to refinance maturing debt and finance the state budget deficit.
According to the Ministry of Finance’s published plan, this includes 52 treasury bill (T-bill) offerings valued at EGP 1.905trn and 40 bond auctions worth EGP 270bn, scheduled between April and the end of June.
The Central Bank of Egypt (CBE), acting on behalf of the government, intends to offer T-bills and bonds worth EGP 765bn in April, EGP 682bn in May, and EGP 728bn in June.
Breaking down the T-bill issuance, the government plans to offer EGP 420bn in 91-day bills, EGP 460bn in 182-day bills, EGP 470bn in 273-day bills, and EGP 555bn in 364-day bills.
On the bond side, the offerings will include EGP 53bn in two-year bonds, EGP 141bn in three-year fixed-rate bonds, EGP 51bn in three-year floating-rate bonds, EGP 16bn in five-year fixed-rate bonds, and EGP 9bn in five-year floating-rate bonds.
Egyptian banks remain the largest investors in these regularly issued T-bills and bonds, which serve as a key mechanism for financing the country’s budget deficit.
The offerings are conducted through 15 banks participating in the primary dealer system. These banks purchase government debt securities in the primary market and subsequently resell portions on the secondary market to local and foreign individual and institutional investors.
