Egypt’s $35,000 Bond Sale Shows Currency Risk Sapping Demand
- Government sells 0.04% of 3 billion pounds of debt offered
- Investors worried pound will weaken further stay clear of sale
A person counts Egyptian pounds banknotes in Cairo, Egypt.
Photographer: Shawn Baldwin/BloombergThis article is for subscribers only.
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Egypt sold a tiny fraction of the bonds on sale in an auction as the government balked at paying what investors fearful of another plunge in the value of the pound are demanding to buy its local currency debt.