Egypt seeks to raise 7 billion pounds ($1.2 billion) in domestic debt today as yields drop from records, helped by central bank measures to boost bank funding and a government plan to extend debt maturities.
The Ministry of Finance plans to sell 4 billion pounds of nine-month treasury notes and 1 billion pounds in three-month bills, according to central bank data on Bloomberg. The ministry also seeks to raise 1 billion pounds each from the sale of five- year and 10-year bonds, the data show.
Treasury yields have retreated from near-record highs in June after the central bank cut the local currency reserve requirement ratio for banks to 10 percent and started selling 28-day repurchase agreements alongside seven-day repos. Interim Finance Minister Momtaz El-Saieed said July 16 the government plans to raise the average maturity of local debt to 1.8 years. Egypt’s average debt maturity fell to 1.3 years at the end of 2011 from 1.7 years in 2010.
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