The Central Bank of Egypt (CBE) yesterday issued EGP17.7bn in T-bills, exceeding the EGP16bn originally planned for the auction; the auction was held on Monday instead of last Thursday due to the Eid holiday. Yields on the EGP6.7bn three-month bill fell by 4bps to 17.69%, while average yields on the EGP11bn nine-month tenor dropped by 10bps to 17.551%. The CBE also held a bond auction, where it issued EGP3.6bn in T-bonds on Monday, almost double the planned amount for the auction, as yields fell on both tenors, in line with the trend seen on T-bills. Yields on the EGP2.3bn three-year maturity fell by 8bps to 16.022%, while yields on the EGP1.4bn decreased by 5bps to 16.016%. This came as the USD-EGP continued appreciating, strengthening to EGP16.74 (market’s midpoint rate) on Sunday, yielding a cumulative YTD appreciation of 6.8%.