The Central Bank of Egypt (CBE) issued EGP13bn in T-bills on Thursday, below the EGP19bn planned for the auction. Yields on the EGP6.3bn six-month tenor increased by 25bps to 17.74%, and yields on the EGP6.9bn 12-month bill rose by 21bps to 17.212%. Maximum bids on both maturities, which ran as high as 17.8% for the 12-month bill, prompted the CBE to partially cap the rise in yields by only accepting 70% of the planned amount for both maturities. This came as submitted bids covered 1.2x the required amount on both bills.
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