Yields on Egyptian debt fell at an auction of Treasury bills yesterday after the Group of Eight leaders said they would support North African economies with at least $40 billion (Dh147 billion).
The country's Ministry of Finance raised all of the £5.5 billion it targeted at an auction of local-currency securities, according to data on its website. The average yield on the three-month notes fell 1 basis point, or 0.01 percentage point, to 11.561 per cent, the lowest level in almost a month. The yield on nine-month notes fell by less than a basis point to 12.865 per cent.
Yields at the North African country's weekly auctions of Treasury bills have been climbing as its budget deficit widens in the aftermath of a revolution that ousted the government. G8 leaders said on Friday they would provide at least $40 billion in economic aid to North African countries, including Egypt and Tunisia, through a mixture of loans from international development banks and direct aid.
The yield on Egypt's 5.75 per cent dollar bond due April 2020 rose 2 basis points to 5.94 per cent on Friday.