Aug. 14 (Bloomberg) -- Egypt sold 10.1 billion Egyptian pounds ($1.7 billion) of seven-day repurchase agreements, the third-smallest issuance of the year, after the nation exceeded a debt sale goal yesterday. Dollar bonds were little changed.
The Arab country had made available 14 billion pounds of the contracts, which allow government security holders to sell them back to access funds temporarily at 9.75 percent, according to central bank data on Bloomberg.
Egypt’s repo sale compares with the 12.2 billion issued last week, a signal that funding pressure at domestic banks, the biggest buyers of government debt, may be easing. Qatar agreed this week to deposit $2 billion with Egypt’s central bank and the government aims to raise 51.5 billion pounds from debt sales in August, down from 71.5 billion last month, according to Finance Ministry data.
The North African nation sold 5.1 billion pounds of three-, five-and 10-year treasury bonds yesterday, 100 million pounds more than its target. Average yields on the bonds rose, including a three basis-point climb on the three-year maturity.
The yield on the 5.75 percent dollar bonds due in 2020 was little changed at 6.21 percent at 2:50 p.m. in Cairo, according to data compiled by Bloomberg. The pound, subject to a managed float, strengthened 0.1 percent to 6.0693 a dollar.
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