Central Bank of Egypt to launch six tenders for T-bills, bonds totalling $2.51bln

The Central Bank of Egypt (CBE) is set to launch six tenders for treasury bills and bonds, cumulatively valued at EGP 119.5bn. This process, conducted on behalf of the Ministry of Finance, is scheduled for Monday and Tuesday. It is part of a broader strategy by the Ministry to secure approximately EGP 1.491trn from the domestic market in the final quarter of the fiscal year 2023/2024. The funds are earmarked for settling past debts and addressing the national budget shortfall.

Tenders for bills and bonds are typically announced by the CBE on Sundays, Mondays, and Thursdays each week. However, the observance of Eid al-Fitr has led to the rescheduling of all tenders to the start of this week.

Under the Ministry of Finance’s extensive plan, there will be 52 tenders for bills totalling EGP 1.380trn and 32 tenders for bonds amounting to EGP 111.5bn, spanning from April 1st to the end of June 2024. Egyptian banks, the primary investors in government-issued treasury bonds and bills, play a pivotal role in managing the state’s budget deficit. These securities are initially distributed through 15 banks that are part of the Primary Dealers System and are subsequently resold to both local and international individual and institutional investors in the secondary market.