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Egypt Sells $1.9 Billion in Repos, 18% Less Than It Offered

Egypt’s central bank sold 11.5 billion Egyptian pounds ($1.9 billion) in seven-day repurchase agreements, 18 percent less than it had offered.

The contracts allow holders of government securities to sell them back to the central bank to access funds for a week at 9.75 percent, according to central bank data on Bloomberg today. The regulator accepted agreements valued at 22 billion pounds last week. It offered 14 billion pounds today.

Banks doubled their borrowings through repo contracts last quarter to 138 billion pounds compared with the previous three months, according to data compiled by Bloomberg. The government has relied on local banks to fund its budget deficit after foreign investors reduced their holdings of treasury bills in the aftermath of the uprising that ousted former President Hosni Mubarak last February.

The Finance Ministry yesterday scrapped plans to raise 5 billion pounds from an auction of three-year and five-year treasury notes after investors sought yields of more than 16 percent, which was unacceptable to the ministry, a government official with knowledge of the decision said.

The yield on Egypt’s 5.75 percent dollar bonds due April 2020 rose for a third day, climbing six basis points, or 0.06 percentage point, to 8.06 percent at 3:38 p.m. in Cairo. Three-month non-deliverable forwards for the Egyptian pound, or futures contracts that provide a guide to expectations for the currency, weakened 1.9 percent to 6.575 a dollar. The pound was little changed at 6.033 a dollar.

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