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Egypt Sells $1.1 Billion Bills, First Sale Since Mubarak Ouster

Egypt sold 6.5 billion Egyptian pounds ($1.1 billion) of treasury bills in the North African country’s first auction after the resignation of Hosni Mubarak. The yields held around the highest levels in two years.

The Ministry of Finance auctioned 3 billion pounds of 91-day bills yielding an average 10.95 percent compared with 10.97 percent at the previous sale, the highest since February 2009. The yield on the 266-day bills rose to 11.68 percent, also the highest in two years, from 11.66 percent, according to central bank data on Bloomberg. Last week’s sale took place amid demonstrations seeking the president’s ouster.