Egypt issues $1.302 bn in USD denominated t-bills at avg yield of 2.643 pct

Egypt’s central bank sold $1.302 billion in one-year, dollar-denominated treasury bills at an average yield of 2.643 percent at its auction on Monday.

The minimum yield was 2.6 percent and the maximum yield was 2.65 percent, the bank said. Egypt last sold $1.12 billion in one-year treasury bills at an auction in February at an average yield of 2.23 percent.

The government has mostly relied on the local money market to finance its deficit since early 2011, when an uprising unleashed a prolonged period of political and economic volatility that deterred many foreign investors. It plans to tap international investors for $1.5 billion in bonds this year.

Source: Reuters