Growing local appetite for medium-term Egyptian government debt helped push the average yield on three-year bonds lower at an auction on Monday and market watchers said investors were shifting some funds from short-term tenors.
Egyptian treasury yields have soared in the past year as foreign investors fled the economic turmoil that followed a popular uprising, putting the onus on local banks to help make up for weaker tax income and higher wage and subsidy demands.
The yields have eased a little since February on hopes for a peaceful transition from army rule and optimism the government will avert a funding crisis with aid from foreign donors.
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