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Egypt Misses Target on Nine-Month Bills Sale as Yield Rises

Egypt sold fewer nine-month treasury bills than targeted as the yield climbed to a new high amid the government’s plan to raise a record 170 billion pounds ($28 billion) in the coming fiscal quarter.

The Ministry of Finance raised 3 billion pounds out of the 3.5 billion pounds it had sought at an auction four days earlier than planned. The average yield on the notes increased to 15.307 percent, the highest level since Bloomberg started tracking the data in 2006, from 15.26 percent at a sale on Dec. 25. The rate has surged 148 basis points, or 1.48 percentage point, since the end of September.

Egypt’s local-currency borrowing costs have climbed amid political and economic unrest that followed the ouster of President Hosni Mubarak in February and as its financing needs grew. The finance ministry raised 142.9 billion pounds out of the 170 billion pounds it had targeted in the quarter that ends this month, according to data posted on its website.

The government plans to resume talks with the International Monetary Fund for a $3.2 billion loan when the fund’s mission arrives in Cairo next month, Minister of Planning Fayza Aboulnaga said yesterday. The country signed an agreement this week with the Arab Monetary Fund for a $270 million loan, after receiving $200 million from the fund last month.

The yield on the 5.75 percent 10-year dollar bonds due April 2020 advanced one basis point to 8.01 percent at 3:02 p.m. in Cairo. The rate has increased 281 basis points this year. The pound weakened 0.1 percent to 6.0311 a dollar, taking this year’s decline to 3.8 percent.

The finance ministry had moved the sale from Jan. 1 due to the New Year holiday, according to a statement on the ministry’s website.

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