Yields Dip At Egypt Auction Of 3 And 7-Year Bonds

Yields fell at an auction of 1.5 billion Egyptian pounds ($245.8 million) of reopened three- and seven-year bonds on Monday, the Ministry of Finance said.

Bond and T-bill yields have been dropping for the last couple months, although T-bill yields have edged up at recent auctions as investors await the outcome of government talks with the IMF on a $4.8 billion loan.

The International Monetary Fund facility is viewed as vital to staving off a balance of payments and budget crisis.

The average yield on the three-year bonds, which mature on Oct. 9, 2015, fell to 13.413 percent from 13.47 percent at the last auction on Oct. 22.

Yields on the seven-year bonds, which mature on Aug. 21, 2019, fell to 14.388 percent from 14.47 percent on Oct. 22

Settlement for the bonds will take place on Nov. 6. The central bank sells the bonds on behalf of the finance ministry.

Reuters