CBE Offers EGP 3.5 Bln Treasury Bonds

Central Bank of Egypt (CBE) – on behalf of Ministry of Finance- will offer EGP 3.5 billion ($580 million) of treasury bonds,in which it seeks bids for EGP 2 billion of three-year notes and EGP 1.5 billion of five-year bonds at an auction today. It paid an average yield of 16.17 percent and 16.69 percent, respectively, at the most recent sales of similar maturity securities.

The finance ministry has raised its target amounts at all national debt sales this quarter, totalling 25 billion pounds out of its goal of 150 billion by the end of June.

The yield on the 5.75 percent of dollar bonds due in 2020 gained six basis points, or 0.06 percentage point, to 6.82 percent at 11:04 a.m. in Cairo, according to prices compiled by Bloomberg. That’s the highest level in more than a month.