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Yields on T-bonds move in opposite directions on Monday

The Central Bank of Egypt (CBE) issued EGP1.3bn in T-bonds on Monday, lower than the planned EGP1.75bn for the auction. Yields on the EGP1bn three-year tenor increased by 28bps to 16.627%, while yields on the EGP0.3bn seven-year bond was largely flat at 16.582%. The flat yields on the seven-year bond was aided by the fact that the CBE accepted only 18% of the submitted bids, with a total issuance of EGP0.3bn vs. an initially targeted EGP0.75bn. The bonds’ auction was the first since the Monetary Policy Committee (MPC) kept rates on hold, coming against market expectations, hence explaining the upward trend in yields, mirroring the trend we have seen yesterday in the bills’ auction.