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Monday, 23 September 2019

Egypt trims 3 and 5-year bond sale as yields climb

Central bank says it has sold LE2 billion in reopened bonds due to mature in 2015 and 2017

Reuters, Monday 30 Jan 2012
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Views: 707

Egypt's central bank sold half the number of reopened three- and five-year bonds that it offered at an auction on Monday, and the yield ranges on the instruments crept higher from those at the last auction two weeks earlier.

The bank said it sold LE1 billion of reopened three-year bonds that mature on January 17, 2015, and carry a 16.15 per cent coupon. The yield ranged from 16.18 to 16.42 per cent..

The yield at an auction of the same three-year bonds two weeks ago was 15.96 to 16.35 per cent.

The bank also sold also LE1 billion of reopened five-year bonds that mature on January 17, 2017, and carry a coupon of 16.35 per cent. The yield ranged from 16.6 to 16.75 per cent.

The yield at an auction of the same five-year bonds two weeks ago was 16.20 to 16.69 per cent.

The central bank, which sells the bonds on behalf of the Finance Ministry, had offered LE2 billion of each maturity.

Settlement will take place on 31 January.

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30-01-2012 05:46pm
financial suicide
16% interest are madness! This is the price that Egypt has to pay for having a military junta in charge. Egyptians need a civilian government that is open to public scrutiny and deals firmly with corruption. Only then will international investors lend money and invest in the country.
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