Egypt Sells $934 Million in Bills as Yields Surge on Turmoil
This article is for subscribers only.
Egypt raised 5.5 billion pounds ($934 million) from the sale of treasury bills today, with the yield on one-year notes rising to a more than two-year high as unrest escalated in the Middle East and North Africa.
The Ministry of Finance sold 3.5 billion pounds of 364-day bills at an average yield of 12 percent, the highest since November 2008, compared with 10.6 percent when the tenor was auctioned on Jan. 25, according to central bank data on Bloomberg. Two billion pounds of 182-day notes were sold at an average yield of 11.73 percent from 11.78 percent last week, the data show.