Seven-year yield jumps at auction; other sales cancelled
Egypt cancelled sales on Monday of 1.5 and three-year treasury bonds, with no explanation on part of the Central Bank of Egypt (CBE). Yields on its seven-year bond jumped to 17.291%, up from 16.161% when the bond was last auctioned on 13 June, just three days before the Central Bank’s rate hike of 100bps. Meanwhile, yields on Egyptian government debt have been rising since the Central Bank had raised its key interest rates in June to their highest level since 2008. (Reuters)
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