$580m in Treasury bills sold as yields fall

Egypt sold its targeted 3.5 billion Egyptian pounds ($580 million, Dh2.13 billion) of nine-month Treasury bills at the lowest yield in almost three months after the election commission received 16 completed applications for president. Egypt sold the bills at an average yield of 15.622 per cent, two basis points lower than last week, according to data posted on the Finance Ministry website. The nation has raised the 25 billion pounds it sought at auctions of T-bills and bonds this quarter, the data show. The presidential vote pits Islamist candidates against a number of secular figures including Omar Sulaiman, one of the most-senior figures in former president Hosni Mubarak's government. The yield on the country's 5.75 per cent dollar bonds due in 2020 rose four basis points, or 0.04 of a percentage point, to 6.76 per cent on Friday. From: Gulfnews