Average yields on Egypt's 10-year bonds jump almost 100 bpSource: www.export-egypt.com 2/27/2018, Location: Africa |
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Average yields on Egypt’s 10-year treasury bonds jumped by nearly 100 basis points at the first auction of its kind since the central bank began loosening monetary policy.,
. The 10-year bond rose to 14.800 percent from 13.871 percent at the last auction on Feb. 12, central bank data showed. . It had dropped from 14.732 percent on Jan. 30 to 13.871 as investors anticipated a rate cut. . “An upward correction ... had to happen, but the rate is still far below Aug. levels,” said Noaman Khalid, CI Capital Asset Management economist. . The 10-year bond was at 17.798 percent in August after the central bank hiked rates by 200 basis points. . The bank cut interest rates by 100 basis points in its monetary policy meeting on Feb. 15 after inflation rates hit their lowest levels in more than a year. . At a separate auction on Monday, the average yield on the five-year bond rose to 14.911 percent from 14.438 percent, central bank data showed. . Egypt had raised key interest rates by 700 basis points after it floated its currency in November 2016, encouraging foreigners to buy up its debt and collecting more than $20 billion from foreign investors in treasury purchases. |
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