The Ministry of Finance has announced its intention to issue six tenders for treasury bills and bonds, totalling EGP 148bn, during the fourth week of July. This issuance comprises four treasury bill tenders valued at EGP 140bn and two bond tenders worth EGP 8bn.
The Central Bank of Egypt, acting on behalf of the government, will oversee the issuance. The planned treasury bill tenders include the following maturities: a 91-day tender worth EGP 4bn, a 182-day tender worth EGP 30bn, a 273-day tender worth EGP 25bn, and a 364-day tender worth EGP 45bn. Additionally, two bond tenders are scheduled: a two-year bond tender valued at EGP 3bn and a three-year bond tender valued at EGP 5bn.
Traditionally, treasury bill tenders are conducted on Sundays and Thursdays, while bond tenders take place on Mondays.
As of the end of January 2024, the total outstanding balance of local treasury bills and bonds stood at approximately EGP 4.966trn. Specifically, treasury bills accounted for around EGP 2.734trn, while treasury bonds amounted to approximately EGP 2.232trn.
Egyptian banks invest in these government securities to help cover the state budget deficit. These securities are initially issued through 15 banks operating within the “Primary Dealers” system in the primary market. Subsequently, a portion of these securities is resold in the secondary market to local and foreign individual and institutional investors.
