Egypt plans to raise 5 billion pounds at T-bill sale tomorrow

Egypt plans to raise 5 billion Egyptian pounds ($838 million) at an auction of treasury bills tomorrow after yields dropped from the highest levels since 2008.

The country’s central bank, which holds the sales on behalf of the Finance Ministry, will seek bids for 1.5 billion pounds in six-month notes and 3.5 billion pounds in one-year securities, according to central bank data on Bloomberg.

The average yield on the six-month notes fell nine basis points, or 0.09 percentage point, to 12.544 at the last auction. It had reached 12.791 last month, the highest since October 2008. The rate on the one-year notes has declined 13 basis points at the last auction to 12.851 percent from this year’s high in June.

The yield on Egypt’s 5.75 percent 10-year dollar bond due April 2020 fell one basis point to 5.64 percent at 2:17 p.m. in Cairo. The pound weakened 0.1 percent to 5.9661 per dollar.