Egypt Misses Debt Sale Goal as Yields Rise Before Saudi Aid
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Egypt fell 38 percent short of its 4 billion Egyptian-pound ($662 million) fundraising goal at an auction of government securities as yields rose.
The North African country sold 1.5 billion pounds of the 3 billion pounds of nine-month treasury bills offered as the average yield rose 16 basis points, or 0.16 of a percentage point, to 15.772 percent, according to data posted on the Finance Ministry website. The yields surged the most since January. Egypt raised the targeted 1 billion pounds o f three-month bills as yields climbed 22 basis points to 14.161 percent.