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Average yields dipped at an auction of re-opened three- and seven-year bonds, continuing a steady slide that has been fuelled by expectations that rates could fall further if Egypt secures a $4.8 billion International Monetary Fund loan. An IMF team is expected to come to Egypt after the Eid al-Adha holiday, that runs from Thursday to Sunday. The loan is seen as vital to help Egypt cover its budget deficit and boost investor confidence in the government's economic programme. The average yield on re-opened three-year bonds that mature on 9 October 2015, was 13.470 per cent. When the bonds were first offered this month, the average yield was 14.0571 per cent. For the re-opened seven-year bonds that mature on 21 August 2019, the average yield was 14.470 per cent. Seven-year bonds issued on Oct. 16 had an average yield of 15.38 per cent.
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