Egypt Saw Uptick in Foreign Demand for Debt After Rate Rise
- Yields on 6-month and 12-month T-bills rose on Thursday
- Government exceeds sale target to accommodate foreign appetite
Egypt Is Selling $3 Billion on International Bond Markets
This article is for subscribers only.
Egypt’s government sold more Treasury bills than it targeted on Thursday to accommodate increased demand from foreigners following the central bank’s interest rate increase this week.
Overseas investors bought 63 percent of the 15.8 billion Egyptian pounds ($873 million) worth of 6-month and 12-month T-bills sold Thursday, said Samy Khallaf, head of the Finance Ministry’s public debt division. The government’s initial target was 12.75 billion pounds in the first sale since borrowing costs were raised on Sunday in an effort to curb spiraling inflation.