Central Bank of Egypt (CBE) will offer EGP 4.5 billion ($745 million) of treasury bills today as yields rose ahead of the second day of voting in the Egypt’s presidential election. The dollar bonds advanced.
CBE will seek bids for six- and 12- month notes valued at EGP 2 billion and EGP 2.5 billion, respectively. The mid-yield on one-year notes in the secondary market rose six basis points, or 0.06 of a percentage point, to 15.76 percent yesterday, according to CBE. That’s the highest level in almost two months.
The debt sale is part of the Ministry of Finance’s plan to raise EGP 150 billion this quarter, the last of the Egypt’s fiscal year. The Ministry has fallen about 6 percent short of its 102 billion-target so far, according to data compiled by Bloomberg.
Egyptians are heading to the polls for the second and final day in the country’s first presidential election following the ouster of Hosni Mubarak last year. More than 50 million eligible voters will choose one of 13 candidates, with a possible run-off round scheduled for mid-June.
The yield on the 5.75 percent dollar bonds due in 2020 fell three basis points to 6.86 percent at 11:30 a.m. in Cairo. That brought the rate’s drop this week to 28 basis points. The Egyptian pound was little changed at 6.0381 a dollar, Bloomberg reported.
