Yields on Egyptian 9-month treasury bills climb

Reuters, Sunday 26 Aug 2012

Average yield on 9-month bills continues to edge nearer 16 per cent

Yields on 9-month treasury bills rose at an auction on Sunday and the central bank bought fewer than it had asked for, while yields on 3-month T-bills eased, the bank said.

The average yield on the 9-month bills rose to 15.863 per cent from 15.652 per cent at the last auction on 29 July. The central bank had initially asked for LE3.5 billion pounds of the bills but only accepted LE3 billion worth.

On 12 August, the central bank cancelled an auction of LE3.5 billion in 3-month T-bills.

The average yield on the 91-day bills fell to 14.227 per cent from 14.241 per cent at last week's auction. The bank accepted LE1 billion of the bills, the same amount it had sought.

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

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