The Central Bank of Egypt (CBE) headquarters, Cairo, Egypt. AP
The first issue, worth EGP 23 billion, has a 91-day tenor that matures on 10 October. The second issue, worth 17 billion, has a 273-day tenor that matures on 9 April 2024.
Usually, the CBE issues T-bills on behalf of the Ministry of Finance to finance the budget deficit.
On 6 July, the CBE auctioned EGP 44 billion in T-bills in two issues, of which around EGP 33.3 billion in bids have been accepted (75.7 percent coverage) at an average yield of 24 percent.
According to recent reports, Egypt's budget deficit rose to over EGP 367 billion (nearly $12 billion) in the first half of FY2022/2023 (July-December 2022), accounting for around four percent of GDP.
Egypt's sovereign US-dollar-denominated bonds experienced a slight increase in their returns on international markets, rising by over 1 cent, due to growing demand for bonds from frontier markets like Pakistan and Ghana, as reported from Tradeweb via Reuters.
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