Egypt sells fewer 3- and 5-year bonds than on offer

Egypt's central bank said it sold fewer reopened three-year and five-year bonds than were on offer at an auction on Monday. The bank said it sold 2 billion Egyptian pounds of reopened three-year bonds that mature on 18 October, 2014, and carry a 14 per cent coupon. The yield ranged from 15.65 to 15.94 per cent. It also sold 1.5 billion pounds of reopened five-year bonds that mature on 25 October, 2016, and bear a coupon of 14.25 per cent. The yield ranged from 15.25 to 16.05 per cent. The central bank, which sells the bonds on behalf of the Finance Ministry, had offered 2.5 billion pounds of each maturity. Settlement will take place on 21 December.