Gap Grows Between What Investors Want, And What Egypt Offers
- Three Treasury bond auctions cancelled in as many weeks
- Demand for Egyptian debt falls in August and September
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Egypt has managed to stay under the radar throughout the emerging-market rout, but that doesn’t mean its assets are unscathed.
The nation canceled three consecutive Treasury bond auctions -- the latest of which was Monday -- after investors asked for “unrealistic” yields. Demand for Egyptian debt across maturities has weakened in August and September compared to the average of the preceding 13 months, central bank data show, even though the currency has been relatively stable this year. That has spurred an increase in yields across the board.