Egypt sells 2.5b Egyptian pounds of bonds

Cairo: Egypt’s central bank sold 2.5 billion Egyptian pounds (Dh1.47 billion) of reopened five and seven-year bonds on Monday, the Ministry of Finance said.

The average yield on 1.5 billion pounds of reopened five-year bonds was 16.330 per cent, with the range from 16 to 16.55 per cent. Five-year bonds sold on August 16 had an average yield of 16.59 per cent.

The average yield on 1 billion pounds of seven-year bonds sold was 16.65 per cent, with the range from 16.15 to 16.90 per cent. Seven-year bonds sold on August 16 had an average yield of 16.90 per cent.

The re-opened five-year bonds, which mature on August 14, 2017, have a coupon of 16.58 per cent and the seven-year bonds maturing on August 21, 2019, carry a 16.90 per cent coupon.

Settlement will take place on September 4. Government bonds are sold by the central bank on behalf of the finance ministry.