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Egypt will offer 12.5 billion Egyptian pounds ($2.1 billion) of debt by July 22 as the International Monetary Fund said it’s awaiting the appointment of a new cabinet before resuming loan talks. Dollar bonds rose.
The Arab country will tomorrow offer six- and 12-month notes valued at 2 billion and 3.5 billion pounds, respectively, according to central bank data on Bloomberg. It will seek bids on July 22 for 4 billion pounds of nine-month bills and 1 billion pounds each of three-month, five-year and 10-year securities.
Egypt’s new leaders haven’t “indicated that they will seek financial support,” the IMF said in an e-mailed statement yesterday as President Mohamed Mursi has yet to appoint a government almost a month after his election win. Negotiations for a $3.2 billion loan from the lender have been held on and off for more than a year.
The 5.75 percent dollar bonds due April 2020 advanced for the third time in four days, pushing the yield five basis points lower to 6.2 percent at 10:42 a.m. in Cairo, according to data compiled by Bloomberg. The pound, subject to a managed float, was little changed at 6.0643 a dollar.
Egypt has sold the targeted 44 billion pounds of debt so far this quarter, part of a plan to raise a record 175 billion pounds in the three-month period.
To contact the reporter on this story: Ahmed A. Namatalla in Cairo at firstname.lastname@example.org
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