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Egypt Offers 13 Billion Pounds of Debt After Trimming Bonds

Egypt will offer 13 billion Egyptian pounds ($1.9 billion) of securities over the next week after limiting long-term debt sales amid rising yields. The nation’s benchmark dollar bonds were little changed.

The Arab country will seek bids for 6.5 billion pounds of six- and 12-month bills Feb. 14 and 5.5 billion pounds of three-and nine-month notes Feb. 17, according to central bank data on Bloomberg. It will sell 500 million pounds each of five- and seven-year bonds on Feb. 18, the data show.

The Finance Ministry last week cut long-term debt offerings after political unrest and delay in securing a $4.8 billion International Monetary Fund loan pushed borrowing costs higher. The sale of debt that matures in more than a year was reduced to less than 10 percent of this quarter’s 149.5 billion-pound target, compared with 16 percent before the change.

The average yield on one-year T-bills has climbed 117 basis points to 14.07 percent since hitting a 15-month low in November as rising tensions between the Islamist government and its secular opponents led to deadly street violence. The government yesterday sold 10-year notes at an average yield of 16.48 percent.

The pound has lost 7.9 percent since the central bank started auctioning dollars in December to local lenders to limit access. The currency traded at a record low of 6.7181 a dollar as of 10:53 a.m. in Cairo, according to Bank of Alexandria prices.

The yield on the government’s 5.75 percent dollar bonds due in April 2020 declined less than one basis point, or 0.01 percentage point, to 6.66 percent.

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