Egypt sells EGP 904 mln of T-bonds after cancelled auctions

Reuters , Monday 1 Oct 2018

A file photo of Egypt's minister of finance Mohamed Maait (Photo: Al-Ahram)

Egypt sold EGP 904 million ($50.6 million) worth of three- and seven-year treasury bonds on Monday after cancelling sales for four successive weeks, the central bank said.

The three-year bonds carried an average yield of 18.432 percent while the seven-year bonds carried an average yield of 18.431 percent, bank data showed.

The bank sold EGP 750 million of three-year bonds, the same amount it was seeking. It sold EGP 153 million of seven-year bonds, well under the EGP 500 million worth it had sought.

Demand for local currency bonds has declined and yields have risen since currency crises in Argentina and Turkey scared foreign investors away from emerging markets.

Egypt’s central bank has been reluctant to lock itself into long term maturities at high yields. ($1 = EGP 17.8600)

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