Yields Drop At 273-Day Egypt T-Bill Auction

The average yield on 4.297 billion Egyptian pounds ($704.89 million) of 273-day treasury bills fell sharply at a central bank auction on Sunday an d the bank sold more of the bills than it had offered, t he Ministry of Finance said.

Interest rates on the Egyptian government’s debt have fallen from historic highs in recent weeks as optimism grows that it will secure help for a struggling economy from the International Monetary Fund and other foreign donors.

The average yield on the 273-day bills tumbled to 14.465 percent, its lowest since November last year, from 15.794 percent at an auction on Sept. 2.

The central bank had offered 4 billion pounds of the T-bills o n behalf of the finance ministry. (For more detail on T-Bills see Reuters page from ($1 = 6.0940 Egyptian pounds) ($1 = 6.0960 Egyptian pounds)

Reuters