CBE Offers 4 Bln In Bonds

Central bank of Egypt sold three-year, seven-year and ten-year bonds worth 4 billion Egyptian pounds ($662.4 million) on Monday, the same amount that was offered, the Ministry of Finance said.

The average yield on the three-year bonds worth 2 billion pounds and maturing on April 3, 2015, was 16.17 percent, compared to 16.25 percent at an auction of reopened three-year bonds on March 26 and 16.36 percent at an auction earlier in March.

The coupon was 16.15 percent and yields ranged from 16.10 to 16.22 percent, implying healthy demand.

The bank sold seven-year bonds worth 1 billion pounds that mature on April 3, 2019. The average yield was 16.88 percent, unchanged from an auction of reopened seven-year bonds on March 19. The coupon was 16.85 percent and yields ranged from 16.75 to 16.91 percent.

The ten-year bonds worth 1 billion pounds mature on April 3, 2022, and have a coupon of 17 percent. The yields ranged from 16.95 to 17.05 percent, with an average of 17.03 percent, Reuters reported.