Egypt Treasury yields decline

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.