Egypt Seeks $1.8 Billion From Bill Sales as Yields Advance
Egypt will seek to raise 10.5 billion Egyptian pounds ($1.8 billion) from treasury bills at auctions by Nov. 20 as yields rise to the highest levels in more than three years.
The Arab country will seek bids for 2 billion pounds and 3.5 billion pounds in six-month and one-year notes, respectively, on Nov. 17, according to Central Bank of Egypt data on Bloomberg. It will offer 1.5 billion pounds of three- month bills and 3.5 billion pounds of nine-month securities on Nov. 20.
The yield on one-year notes climbed to 14.071 at an auction last week, the highest level since October 2008, as the government was forced to accept higher bids from local lenders to meet its fund-raising target. Foreign investors have reduced their holdings of government debt by 71 percent in the first eight months of the year to 17.1 billion pounds, according to central bank data.
The yield on Egypt’s 5.75 percent 10-year dollar bond due April 2020 was little changed at 5.91 percent at 5:07 p.m. in Cairo. The pound weakened 0.1 percent to 5.978 against the dollar.
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