The Ministry of Finance plans to issue 41 local debt auctions totaling EGP 992bn in December, including 20 treasury bill auctions worth EGP 780bn, 18 treasury bond auctions valued at EGP 198bn, and three sovereign sukuk auctions amounting to EGP 14bn.
The December programme is part of the government’s plan to borrow EGP 2.524 trillion from the local market during the second quarter (Q2) of fiscal year 2025/2026 to cover maturing debt obligations and finance the state budget deficit. According to the Ministry’s published schedule, Egypt will issue 105 debt auctions worth a combined EGP 2.524 trillion between October and the end of December. In October alone, the government issued auctions totaling EGP 845bn, while November is on track to record issuances of EGP 687bn.
In December, the Central Bank of Egypt (CBE), which conducts issuances on behalf of the Ministry of Finance, will offer five 91-day T-bill auctions worth EGP 120bn, another five 182-day auctions worth EGP 175bn, five 273-day auctions valued at EGP 220bn, and five 364-day auctions totaling EGP 265bn. The plan also includes five two-year bond auctions worth EGP 58bn and another five three-year bond auctions totaling EGP 110bn, in addition to three floating-rate three-year auctions worth EGP 14bn. The CBE will also issue three five-year bond auctions amounting to EGP 10bn, as well as two floating-rate issuances valued at EGP 6bn.
The government will further offer three sovereign sukuk auctions worth EGP 14bn, all with a three-year maturity, extending the sukuk issuance programme launched in early November.
Banks operating in the Egyptian market remain the largest investors in treasury bills and bonds, which the government issues regularly to finance the budget deficit. These instruments are marketed through 15 primary dealers who subscribe in the primary market and subsequently resell part of the issuances in the secondary market to individual, institutional, domestic, and foreign investors.
