Egypt Offers $2.3 Billion Repos; Dollar Bonds Little Changed
The Arab country will make available 14 billion Egyptian pounds ($2.3 billion) of the contracts, allowing government security holders to sell them back to access funds temporarily at 9.75 percent, according to central bank data on Bloomberg. The regulator sold 12.2 billion pounds of repos last week after offering 20 billion pounds.
Egypt sold a combined 5.1 billion pounds of three-, five- and 10-year bonds yesterday, or 100 million pounds more than its target. Average yields on the three maturities advanced by three, two and one basis points, respectively.
The yield on the 5.75 percent dollar bonds due in 2020 retreated less than one basis point, or 0.01 of a percentage point, to 6.2 percent at 12:50 p.m. in Cairo, according to data compiled by Bloomberg. The pound, subject to a managed float, was also little changed at 6.0699 a dollar.
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