Yields surge on Egypt’s three and nine-month T-bills

Average yields on Egypt’s three and nine-month treasury bills surged at Sunday’s auction, central bank data showed.

Yields on the three-month bills rose to 18.826 from 18.460 percent and yields on the nine-month bills increased to 18.023 from 17.746 at the last similar auction.

Appetite for Egypt’s domestic debt has increased since the central bank floated the pound currency and hiked key interest rates by 700 basis points since November, but average yields have come down in recent weeks as foreign currency liquidity has improved.

Source: Reuters