Foreigners purchase EGP7.4bn at the last two T-bill auctions
Foreign holdings in local debt rebounded at the last two treasury bill auctions on Thursday and Sunday after being stalled for three weeks. Foreigners have reportedly bought EGP7.4bn (cUSD417mn) worth of bills (EGP5.7bn or cUSD320mn of 182-and357-days on Thursday’s auction, and EGP1.7bn or cUSD96mn of 91-and 266-days on Sunday’s auction), according to a government official. Average yields on six-month notes fell 1.36% to c18.66%, 12-month notes fell 1.37% to c18.55%, three-month notes fell 0.32% to 19.388%, and nine-month notes fell 0.87% to 19.078%.
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