Egypt T-Bill Yields Still at Two-Year High, Foreigners Boycott

Egypt raised 4.5 billion Egyptian pounds ($766 million) in treasury bills today, with yields holding around two-year highs, as the country struggles to recover from an uprising that ousted President Hosni Mubarak.

The average yield on 1 billion pounds of 91-day treasury bills was 10.94 percent, little changed from last week’s auction, the country’s first debt sale after the resignation of Mubarak, according to central bank data on Bloomberg. Yields were at 10.95 percent last week and 10.97 the previous week, the highest in two years. The finance ministry also raised 3.5 billion pounds of nine-month notes at an average yield of 11.74 percent, the highest since February 2009, the data show.