Egypt Sells Debt Target as Yields Climb; Dollar Bonds Gain
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Egypt sold its target 4.5 billion Egyptian pounds ($745 million) of treasury bills today as yields rose on the second day of voting in the country’s presidential election. The dollar bonds advanced.
The North African country sold six- and 12-month notes valued at 2 billion pounds and 2.5 billion pounds, respectively, according to central bank data on Bloomberg. The yield on the 5.75 percent dollar bonds due in 2020 fell nine basis points to 6.79 percent at 3:12 p.m. in Cairo. That’s the lowest level on a closing basis since April 9 and brings the yield’s drop this week to 35 basis points.