{"id":622868,"date":"2018-10-15T04:02:33","date_gmt":"2018-10-15T04:02:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/15\/high-yields-on-t-bonds-expected-to-raise-debt-service-bill-by-egp-50-bn-in-fy2018-19\/"},"modified":"2018-10-15T04:02:33","modified_gmt":"2018-10-15T04:02:33","slug":"high-yields-on-t-bonds-expected-to-raise-debt-service-bill-by-egp-50-bn-in-fy2018-19","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/15\/high-yields-on-t-bonds-expected-to-raise-debt-service-bill-by-egp-50-bn-in-fy2018-19\/","title":{"rendered":"High yields on T-bonds expected to raise debt service bill by EGP 50 bn in FY2018-19"},"content":{"rendered":"

<\/a> ** #4 EXCLUSIVE- Higher yields on T-bonds could push up debt service bill by c. EGP 50 bn this fiscal year:<\/strong> Persistently high yields on treasury bonds could add as much as EGP 50 bn to Egypt\u2019s debt service bill during the current fiscal year, a government source exclusively tells Enterprise. The news is not surprising, given the FY2018-19 state budget had initially set<\/a> debt service costs at EGP 541 bn, based on the expectation that yields on treasuries would hover around 14.7%, down from 18.5% during the last fiscal year. Yields have instead been on the rise, averaging around 19% since the fiscal year started in June, raising the costs of debt service in the budget and prompting the treasury to send a message to investors with the cancellation of four bond auctions<\/a>.<\/p>\n

The news comes after bidders at last week\u2019s T-bond auction demanded yields as high of 19.9%<\/strong> on 10-year bonds, central bank data showed<\/a>. The next auction is scheduled for today with five- and 10-year t-bonds worth a combined EGP 1.25 bn on offer.<\/p>\n

As is typical in such cases, the Finance Ministry could seek House approval for an overdraft on the state budget <\/strong>in the second half of the fiscal year if interest rates and global oil prices remain at their current levels, the source tells us. The ministry sought a EGP 70.3 bn overdraft<\/a> for the previous fiscal year\u2019s budget, which was in large part necessary to cover higher debt service costs. Debt control has become a cornerstone of the government\u2019s fiscal policy; President Abdel Fattah El Sisi is expected to announce<\/a> soon a four-year strategy to reduce Egypt\u2019s debt to 70% of GDP, Finance Minister Mohamed Maait previously said.<\/p>\n

House wants to discuss budget deficit, fuel subsidies with the gov\u2019t:<\/strong> Meanwhile, members of the House\u2019s planning and energy committees want to sit down with Finance Minister Mohamed Maait and Oil Minister Tarek El Molla to discuss ways to keep the state budget deficit in check in light of rising oil prices, according to a domestic media report<\/a>. Higher-than-expected oil prices could see Egypt\u2019s fuel subsidy bill in FY2018-19 jump to EGP 100 bn, up from the originally expected USD 89 bn, a government source told us earlier this month<\/a>. The reps. are wagging their finger at the Oil Ministry for rejecting parliament\u2019s calls to increase fuel subsidy allocations when the state budget was up for discussion earlier this year. A government source had previously told us<\/a> that Egypt is likely to miss its deficit reduction target this fiscal year, with the gap set to come in at something closer to 8.6% rather than the 8.4% originally forecast.<\/p>\n","protected":false},"excerpt":{"rendered":"

** #4 EXCLUSIVE- Higher yields on T-bonds could push up debt service bill by c. EGP 50 bn this fiscal year: Persistently high yields on treasury bonds could add as much as EGP 50 bn to Egypt\u2019s debt service bill during the current fiscal year, a government source exclusively tells Enterprise. The news is not […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-622868","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"875e8690-c839-4251-a2f3-92e8ff9c54c0","order":"0","is_powered_by":true,"section_story_id":"48b25700-94d2-42af-9dfa-e1899c37f6d3","story_type":"1","photo_url":"","photo_position":"above","related_issue":[622859],"teaser":"","voice_url":""},"yoast_head":"\nHigh yields on T-bonds expected to raise debt service bill by EGP 50 bn in FY2018-19 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/10\/15\/high-yields-on-t-bonds-expected-to-raise-debt-service-bill-by-egp-50-bn-in-fy2018-19\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"High yields on T-bonds expected to raise debt service bill by EGP 50 bn in FY2018-19\" \/>\n<meta property=\"og:description\" content=\"** #4 EXCLUSIVE- Higher yields on T-bonds could push up debt service bill by c. 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Yields on both three- and seven-year T-bonds averaged 18.3%. Last week, Egypt had sold five- and ten-year bonds at yields averaging 18.41% on shorter-term offerings and 18.37% on the longer term. Yields on\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570491,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/egypt-to-issue-egp-610-bn-in-treasuries-this-quarter\/","url_meta":{"origin":622868,"position":2},"title":"Egypt to issue EGP 610 bn in treasuries this quarter","author":"enterpriseam admin","date":"2 April 2020","format":false,"excerpt":"FinMin to issue EGP 610 bn in treasuries this quarter: The Finance Ministry is planning to issue EGP 610 bn (c. USD 38.74 bn) of treasuries in 2Q2020 to close the fiscal gap, according to data seen by the press. The government\u2019s outstanding balance of treasuries (EGP-, USD-, and EUR-denominated)\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596162,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/20\/egypt-to-issue-callable-bonds-amid-expectations-of-interest-rate-cuts\/","url_meta":{"origin":622868,"position":3},"title":"Egypt to issue callable bonds amid expectations of interest rate cuts","author":"enterpriseam admin","date":"20 August 2019","format":false,"excerpt":"EXCLUSIVE- FinMin looking to issue callable bonds amid expectations of interest rate cuts: The Finance Ministry has begun amending its plans for its upcoming bond issuances to include the sale of callable local bonds as a means of hedging against fluctuating interest rates, two government sources tell Enterprise. The ministry\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/773.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628367,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/02\/we-have-the-governments-debt-plan-for-fy2018-19\/","url_meta":{"origin":622868,"position":4},"title":"We have the government\u2019s debt plan for FY2018-19","author":"enterpriseam admin","date":"2 May 2018","format":false,"excerpt":"EXCLUSIVE - We have the government\u2019s debt plan for FY2018-19: Egypt\u2019s foreign debt obligations in the FY2018-19 budget appear to have fallen marginally to EGP 32.3 bn from EGP 33.3 bn, Finance Ministry sources tell us. The government is hoping to borrow EGP 714.6 bn next year, up from EGP\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":673951,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/21\/govt-raises-its-local-debt-target-for-october-to-egp-845-bn\/","url_meta":{"origin":622868,"position":5},"title":"Gov\u2019t raises its local debt target for October to EGP 845 bn","author":"enterpriseam admin","date":"21 October 2025","format":false,"excerpt":"The increase was driven by strong investor appetite for treasury bills and bonds","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/1760.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=622868"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622868\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/622859"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=622868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=622868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=622868"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=622868"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=622868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}