Egypt Repo Bids Drop as Bond Demand Declines on High Yields
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Egypt accepted bids for 6.2 billion Egyptian pounds ($1.3 billion) in repurchase contracts, compared with 9.8 billion pounds in the last sale, as local investors needed less funding.
The contracts, or repos, allow government security holders to sell them back to the central bank to access funds for a week at 9.25 percent, according to central bank data on Bloomberg. Egypt raised 1 billion pounds out of a planned 7.5 billion pounds at a sale of three-, five- and seven-year bonds on Nov. 3 because investors demanded high yields. There were no debt sales this week because of a public holiday.