CAIRO (Reuters) - Egyptian treasury bill yields fell at an auction on Sunday, resuming a downward trend on expectations that aid from foreign states will stave off a payments crisis until the government seals a $4.8 billion IMF loan.
Yields have tumbled from historic highs this year as political turmoil subsided and a new government pledged economic reforms and re-starting talks with the International Monetary Fund.
Aid from Saudi Arabia, Qatar and other countries is propping up finances and sustaining a budget deficit that soared after President Hosni Mubarak's overthrow last year.
The finance ministry scrapped an auction of 3.5 billion Egyptian pounds in 91-day and 273-day T-bills on October 3 and traders said the decision looked like a statement by the government that it would not accept higher rates.
Yields had risen at the previous 91-day T-bill sale.
On Sunday, the government sold 91-day bills worth 1 billion pounds at an average yield of 12.714 percent, down from 12.941 at an auction on September 30. Average yields on 91-day bills are down from levels of over 14.5 percent in the middle of year.
On 3 billion pounds of 266-day bills, the average yield edged down to 13.451 on Sunday from 13.547 on September 30, according to data on the Ministry of Finance website.
The central bank offers the T-bills on behalf of the ministry.
Foreign investors who exited most of their Egyptian government debt after the uprising are tentatively buying again, according to fixed-income dealers in Cairo, but most appear loath to return until an IMF deal is signed.
One local analyst said excess liquidity among local banks was still helping push yields lower.
The government "sold 175 billion pounds of local debt last quarter and this was barely absorbing banks' excess liquidity," he said. "This quarter the total size that will be issued is 150 billion... This is making a lot of pressure on yields."
Source: http://news.yahoo.com/yields-dip-egypt-t-bills-145911210--finance.html
kim zolciak travis pastrana quinton coples a.j. jenkins riley reiff david decastro aj jenkins
কোন মন্তব্য নেই:
একটি মন্তব্য পোস্ট করুন