Egypt Independent

Finance Ministry: LE500 million sold in bonds

The Finance Ministry

has sold LE500 million in 3-year treasury bonds (due to mature on 9 October 2015), it announced on Monday.

Bidding on 7-year treasury bonds (due to mature 13 November 2019) was cancelled in Monday’s sale.

The ministry posted on its website that the average cost of return for the bonds after three years is 14.113 percent, while the maximum return can reach 14.17 percent and the minimum return 13.9 percent.

Based on the current year’s budget, Egypt would need to borrow LE135 billion to cover its budget deficit. Many of the new bills and bonds being sold by the Finance Ministry are generating revenue to pay off old government securities whose maturity is overdue.