Egypt to offer 3.5bn EGP in bonds

CAIRO: Egypt's Ministry of Finance will offer 3.5 billion Egyptian pounds ($578 million) in bonds at an auction on July 2, the central bank said on Monday.

It will offer 1.5 billion pounds in reopened seven-year bonds maturing on April 3, 2019 with a coupon of 16.85 percent, and 2 billion pounds in three-year bonds maturing on July 3, 2015, the bank said.

Settlement for the bonds, which the central bank is selling on behalf of the ministry, is on July 3.