Egypt Sells Bonds as Local Demand Averts Yield Jump: Arab Credit
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Egypt raised 5 billion pounds ($839 million) in government bonds today as demand from domestic banks helped limit a European debt crisis-driven increase in borrowing costs.
The Ministry of Finance raised 2.5 billion pounds in two-year bonds at an average yield of 13.29 percent, 10 basis points higher than last month, according to data on its website. It sold three-year securities at an average yield of 13.48 percent. The mean estimate of six analysts surveyed by Bloomberg News was for an average yield of 13.26 percent and 13.47 percent, respectively. Yields on sovereign bonds from Hungary and Ukraine surged as much as 50 basis points this month, data compiled by JPMorgan Chase & Co. show.