The Egyptian government has released full details of its plan to borrow EGP 2.524trn from the domestic market during the second quarter Q2 of fiscal year (FY) 2025/2026, as part of efforts to repay maturing debt instruments and finance the state budget deficit. The Ministry of Finance published the plan on its official website, confirming that 105 debt-instrument auctions will be offered between last October and the end of next December with a total value of EGP 2.524trn.
According to the plan, the Central Bank of Egypt (CBE), which manages the issuances on behalf of the government, will offer 52 Treasury bill auctions worth EGP 2.042trn, 48 Treasury bond auctions worth EGP 462bn, and five sovereign sukuk auctions worth EGP 20bn during the period. In October alone, auctions valued at EGP 845bn were issued, while November will see EGP 687bn in issuances, followed by EGP 992bn planned for December.
The detailed schedule shows that the government will issue thirteen 91-day Treasury bill auctions worth EGP 350bn, as well as thirteen 182-day auctions worth EGP 451bn. Another thirteen auctions worth EGP 561bn will be offered for 273-day bills, in addition to thirteen 364-day bill auctions with a combined value of EGP 680bn.
The borrowing plan also includes thirteen auctions for two-year government bonds totalling EGP 124bn. It outlines eight auctions for three-year variable-rate bonds worth EGP 40bn, alongside thirteen auctions for three-year fixed-rate bonds totalling EGP 246bn. Additionally, eight auctions for five-year variable-rate bonds worth EGP 32bn and six auctions for five-year fixed-rate bonds worth EGP 20bn will be conducted.
For the first time, the plan incorporates the issuance of five sovereign sukuk auctions with a total value of EGP 20bn.
Banks operating in the Egyptian market remain the largest investors in Treasury bills and bonds, which the government issues regularly to finance the state budget deficit. These securities are offered through fifteen banks participating as primary dealers in the primary market. These banks then resell part of the issuances on the secondary market to both local and foreign institutional and individual investors.
