Egypt sells LE2.975 billion in treasury bills, yields jump

Reuters, Friday 18 Nov 2011

Central bank sells less than offered after average yields edge near 14 per cent

Egypt's finance ministry said the central bank sold LE2.975 billion (US$497 million) in domestic treasury bills on Thursday, less than the LE5.5 billion that it had offered, as yields jumped.

The bank sold LE1.85 billion of 182-day T-bills at an average yield of 13.978 per cent, up from 13.447 per cent at an auction last week. That was below the LE2 billion it had offered.

It also sold LE1.125 billion pounds of 357-day T-bills at an average yield of 14.725 per cent, up from 13.961 per cent at the last issue on 8 November. It had offered LE3.5 billion.

The central bank sells T-bills on behalf of the Finance Ministry.

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