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Egypt to Auction $416 Million in 3-Year Bonds; 2020 Yields Rise

Egypt plans to sell 2.5 billion pounds ($416 million) in three-year bonds today after issuing less than it sought last week.

The country will also auction 2.5 billion pounds in five-year notes tomorrow, according to the Central Bank of Egypt. At last week’s sale, the central bank sold $2 billion pounds, 500 million pounds less than it sought, after the average yield for the 2014 bonds climbed to 15.46 percent. The rate on the five-year notes rose to 15.77 percent from 14.45 percent.

The Arab country, where the first parliamentary vote since the ouster of President Hosni Mubarak in February is taking place, is struggling to bring down record borrowing costs. The yields on three-, six-, nine-month and one-year bills are at the highest levels since Bloomberg started tracking the data in 2006. The nation sold its first dollar-treasury bill last week to diversify its funding sources.

Egypt’s 5.75 percent, 10-year dollar bond due April 2020 fell for the first time in four days, pushing the yield up four basis points to 6.96 percent at 12:45 p.m. in Cairo. The pound gained less than 0.1 percent to the dollar to 6.0030.

Five-year credit default swaps continued last week’s decline, falling five basis points to 515 basis points, according to CMA. They retreated 43 basis points last week, according to the data provider, which is owned by CME Group Inc. and compiles prices quoted by dealers in the privately negotiated market.

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