Yield On 91-Day T-Bills Rose To A 15-Yr High

The average yield on 91-day treasury bills climbed to its highest in at least 15 years at an auction on Sunday, while the yield on 273-day bills inched down, the Ministry of Finance said.

The lending ability of local banks has been squeezed after the government turned to the domestic market to finance a budget deficit that widened after a popular uprising unseated Egypt’s president.

The average yield on 91-day bills rose to 14.388 percent from 14.314 percent at the last issue on May 15. The bank sold EGP 1 billion of the bills, the same amount it had offered.

The average yield on 273-day bills edged down to 15.825 percent from 15.828 percent at the May 15 issue. The bank sold bills worth EGP 2.5 billion, the same amount it had sought, Reuters reported.