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Egyptian 182-day treasury bills sold at decade-high yield

Reuters, Thursday 21 Jun 2012
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The average yield on 182-day Egyptian treasury bills rose at an auction on Thursday to its highest in more than a decade, while the yield on 364-day bills touched an eight-year high, the Ministry of Finance said.

The government has turned to the domestic market to finance its widening budget deficit since the popular uprising that unseated Egypt's president last year, stretching the lending ability of local banks.
 
The average yield on 182-day T-bills rose to 15.492 per cent from 15.359 per cent at an auction last week, and LE2 billion ($330.4 million) worth were sold.
 
The average yield on 364-day bills increased to 15.965 per cent from 15.915 per cent at an auction on 7 June. This matched the previous high of 15.965 per cent on that maturity in February.
 
The bank sold 1.946 billion pounds worth of the 364-day bills on Thursday instead of the 3 billion pounds it had sought.
 
The central bank sells the bills on behalf of the finance ministry.
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