Yields fall at Egypt debt sale as weaker pound lures foreigners
Overseas investors bought more than a third, or EGP5.68bn (USD320mn), of 6-month and 12-month T-bills at a sale on Thursday, according to Head of Public Debt at the Finance Ministry, Samy Khallaf. The total sold was worth EGP16.3bn -- compared with the government’s initial target of EGP11bn. Average yields on 6-month notes fell 1.36% points to c18.66% at the sale, while the yield on 12-month notes fell 1.37% points to c18.55%. The maximum yields were c18.90% and c18.69%, respectively. Yields had been rising since mid-February as foreigners avoided the notes, while the pound temporarily strengthened.
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