Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Egypt Sells 17 Billion Pounds of Repos; Dollar Bonds Decline

April 24 (Bloomberg) -- Egypt sold 17 billion Egyptian pounds ($2.8 billion) of seven-day repurchase agreements today, after receiving bids for 18.4 billion pounds of the contracts. Dollar bonds were declined for a second day.

The contracts, known as repos, allow government securities holders to sell them back to the North African nation’s central bank to access funds for a week at 9.75 percent, according to the regulator’s data on Bloomberg. The facility was started in March 2011 to ease funding pressure at local banks as they increased holdings of government debt amid political unrest.

Yields on domestic debt have declined from record highs after the central bank lowered the local-currency reserve requirement for banks, making more cash available to buy government bonds and bills. The Finance Ministry sold five-year notes yesterday at an average yield of 16.54 percent, the lowest level in more than three months.

The yield on the 5.75 percent dollar bonds due 2020 rose two basis points, or 0.02 percentage point, to 6.95 percent at 4:08 p.m. in Cairo, the highest level since April 11. The Egyptian pound retreated 0.1 percent to 6.0494 a dollar, poised for the weakest close since December 2004.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.