Bloomberg News

Egypt Offers $580 Million of Bonds; 10-Year Dollar Bonds Drop

April 09, 2012

Egypt will offer 3.5 billion Egyptian pounds ($580 million) of treasury bonds, a day after nominations ended for candidates to enter the first presidential vote since President Hosni Mubarak’s ouster. Dollar bonds fell.

The Arab nation will seek bids for 2 billion pounds of three-year notes and 1.5 billion pounds of five-year bonds at an auction today, according to central bank data on Bloomberg. It paid an average yield of 16.17 percent and 16.69 percent, respectively, at the most recent sales of similar maturity securities.

The elections commission said yesterday it accepted applications from 23 candidates vying for Egypt’s top office at elections scheduled to be held May 23 and 24. The final list of qualified nominees will be announced April 26. The vote pits Islamist candidates against a number of secular figures including Omar Suleiman, one of the most-senior figures in former President Hosni Mubarak’s government.

The finance ministry has raised its target amounts at all domestic debt sales this quarter, totalling 25 billion pounds out of its goal of 150 billion by the end of June.

The yield on the 5.75 percent of dollar bonds due in 2020 gained six basis points, or 0.06 percentage point, to 6.82 percent at 11:04 a.m. in Cairo, according to prices compiled by Bloomberg. That’s the highest level in more than a month. The Egyptian pound was little changed at 6.0360 a dollar.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net;

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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