Average yields fall on Egypt’s 5- and 10-year T-bonds

Average yields on Egypt’s five- and 10-year treasury bonds fell at auction on Monday, central bank data showed, amid an increased interest in Egyptian debt among foreign investors.

The average yield on the five-year bonds fell to 17.800 percent from 18.934 percent at the last similar auction on July 17. The yield on the ten-year bonds fell to 17.798 percent from 18.669 percent.

 

Demand for Egypt’s domestic debt has risen since the central bank raised key interest rates by 200 basis points earlier this month.

 

Egypt has raised key interest rates by a total of 700 basis points since November, when it floated its pound currency as part of a $12 billion International Monetary Fund reform programme aimed at reviving the economy.

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