UPDATE 2-Egypt cancels debt auction as foreign investor appetite weakens | Reuters

UPDATE 2-Egypt cancels debt auction as foreign investor appetite weakens | Reuters:

Egypt cancelled a treasury bond auction on Monday, its third such move in as many weeks, as foreign investors cut their exposure to the country’s debt at a time of weak appetite globally for emerging market assets.

Data from the central bank showed it had called off the auction of 3- and 7-year treasury bonds worth 3.5 billion Egyptian pounds ($195.97 million). Two previous T-bond auctions, also for 3.5 billion pounds each, had been cancelled after bankers and investors demanded high yields on the debt.

“The finance ministry has been cancelling the bond auctions for the past few weeks due to higher yields than they are willing to accept,” said one banker at an Egyptian bank.