Egypt's finance ministry auctions EGP 1.25 bln T-bonds

MENA , Monday 15 Oct 2018

A file photo of Egypt's Ministry of Finance (Photo: Al-Ahram)

The Finance Ministry auctioned on Monday three-year and seven-year treasury bonds at a total value of EGP 1.25 billion.

In an online statement, the ministry said it has sold EGP 750 million of three-year T-bonds with an average yield of 18.32 percent, adding it accepted bids at rates between 18.3 percent and 18.2 percent.

The seven-year T-bonds, worth EGP 500 million, have achieved average revenue of 18.32 percent, the ministry said.

The yield ranged from 18.35 percent to 18.25 percent.

The Central Bank of Egypt (CBE) auctions T-bonds on behalf of the finance ministry. 

Earlier in October, the CBE sold EGP 904 million worth of three-and-seven-year-treasury bonds, after halting sales for a month following the decline in demand for local currency bonds and rise in currency crises in Argentina, Turkey and other emerging markets.

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