Egypt’s central bank offers 7 bln pounds T-bonds on Monday

Central Bank of Egypt (CBE) offered on Monday treasury bonds (T-bonds) worth 7 billion Egyptian pounds ($442.5 million).

The first tranche of the T-bonds is valued at 4 billion pounds and was offered through three-year notes, while the second tranche was offered through seven-year notes worth 3 billion pounds, CBE said on its official website.

The issuance was used to finance the country’s budget deficit. State-owned banks are the top purchasers of the government debt instruments.