Egypt Daily News – The Central Bank, on behalf of the Egyptian Ministry of Finance, sold medium-term treasury bonds worth EGP 22.77 billion in an auction on Monday.
According to the Central Bank’s website, interest rates on fixed-rate local treasury bonds have risen again. The average yield on two-year treasury bonds increased to 22.61% from 22.36% in the previous auction, reaching its highest level in two months.
The average yield on three-years also rose to 21.99% from 21.77% in the previous auction, marking a four-month high.
The average yield on five-year treasury bonds climbed to 19.32% from 19.25% in its third offering, which is the first time it has been issued in two years.
The value of the three-year treasury bonds sold today amounted to EGP 21.51 billion, which is 38% higher than the targeted liquidity of EGP 13 billion.
The Central Bank sold only EGP 1.26 billion in two-year and five-year bonds, which is 84% less than the targeted EGP 8 billion.
Yesterday, the Central Bank, on behalf of the Ministry of Finance, sold local treasury bills with three-month (91 days) and nine-month (273 days) maturities worth around EGP 58.8 billion, 15% more than the targeted EGP 50 billion amid increased investor demand.
According to data from the Central Bank of Egypt, the average yield on three-month treasury bills slightly declined to 27.92% from 28% in the previous auction, while the average yield on nine-month bills increased to about 26.68% from 26.59%.
Investor demand for treasury bills today exceeded EGP 158 billion more than twice the targeted amount with a peak interest rate reaching 30.5%.
