Egypt cancelled its three and nine-month T-bill auction on Sunday, according to the Central Bank of Egypt (CBE) data. Banks reportedly made very high bids in the auctions, according to sources, but no reason was given on part of the CBE or the Ministry of Finance. The cancellation followed last week’s acceptance of high yields submitted by the banks after resistance over the past three/four weeks. It also followed reports that the CBE had advised some banks to re-designate bond holdings so they cannot be traded on the secondary market in an indication of sizeable rate hike. (Reuters)