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Egypt CB sells first euro-denominated T-bills

At Tuesday auction, Egypt's central bank manages to sell 513 million euro worth of euro-denominated T-bills at average yield of 3.245 pct

Reuters, Tuesday 28 Aug 2012
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The Central Bank of Egypt (CBE) sold 513 million euro (some $642 million) worth of euro-denominated T-bills at an average weighted yield of 3.245 per cent at its inaugural auction on Tuesday.

Yields ranged from 2.85 per cent to 3.26 per cent.

The CBE initially offered commercial banks 400 million euro worth of bills when it first announced plans to hold the auction last week.

Tuesday's auction was the first time for the CBE to sell T-bills denominated in the European currency. In November, the bank introduced T-bills denominated in US dollars, of which it has so far sold some $5.83 billion worth in six auctions.

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