Foreign holdings of local debt surge to EGP2.4bn on Sunday, pushing yields further down
Foreign holdings of 91-days and 267-days Egyptian treasuries continued to rise on Sunday, reaching EGP2.4bn out of EGP11bn worth of total issuance. Foreigners bought 11.9% of the issued 91-day bills worth EGP5.75bn and 30% of the 266-day notes worth EGP5.25bn. Yields on the 91-day bills fell slightly to an average of 17.050% from 18.621% at the previous auction. Yields on the 266-day bills also fell, to 16.993% from 18.857% previously. Ministry of Finance said the average yields have dropped to 16.99%, compared to 19.91% at the last auction in January. (Al Borsa, Reuters)
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