Egypt Seeks $504 Million From Three Year-Bonds as Yields Drop
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Egypt plans to sell three-year bonds today ahead of the trial of former President Hosni Mubarak and as the North African nation’s 10-year dollar notes trade near a six-month high.
The Ministry of Finance aims to raise 3 billion Egyptian pounds ($504 million) from the sale, according to Central Bank of Egypt data on Bloomberg. It raised a similar amount from the auction of two-year notes last week, the first such sale since a popular revolted ousted Mubarak in February, paying a coupon of 13.1 percent. The yield on one-year treasury bills has retreated from a 31-month high in June to 12.847 at an auction on July 28.