Egypt Pays Less Than Spain for Euros as IMF Talks Persist
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Egypt locked in lower borrowing costs than higher-rated Spain in selling a more-than-planned 640.2 million euros ($817 million) of debt, as prospects for an International Monetary Fund loan accord improved.
The government, whose debt carries a junk grade of B2 from Moody’s Investors Service, raised 60 percent more than it sought yesterday through the offer of one-year notes, paying an average yield of 2.548 percent, central bank data compiled by Bloomberg show. The yield compares with 2.8 percent on similar-maturity notes from Spain, rated the lowest investment grade of Baa3 by Moody’s, and 12.985 percent on Egyptian pound notes.