The Egyptian government, seeking to raise 5 billion pounds ($839 million) by selling bonds today, may see demand from Egyptian banks limit a European debt crisis- driven increase in borrowing costs.
The government may pay an average 13.26 percent on 2.5 billion pounds of two-year bonds, seven basis points higher than last month, according to the mean estimate of six analysts surveyed by Bloomberg. The average yield on a similar amount of three-year notes may advance three basis points to 13.47 percent. Yields on sovereign bonds from Hungary, Croatia and Ukraine surged as much as 50 basis points in the last two weeks, data compiled by JPMorgan Chase & Co. show.
“I would expect the pickup to be less than what we see in the rest of the world,” Gabriel Stern, a senior economist at Exotix Holdings Ltd in London, said in an e-mailed response to questions Aug. 11. “Domestic demand will be sufficient to stop yields from going up more.”
No comments:
Post a Comment