| Kippreport.com

Egypt sells 2.5 billion Egyptian pounds of bonds

September 4, 2012 10:50 by Reuters

Egypt’s central bank sold 2.5 billion Egyptian pounds ($409.65 million) of reopened five and seven-year bonds on Monday, the Ministry of Finance said.

The average yield on 1.5 billion pounds of reopened five-year bonds was 16.330 percent, with the range from 16 to 16.55 percent. Five-year bonds sold on Aug. 16 had an average yield of 16.59 percent.

The average yield on 1 billion pounds of seven-year bonds sold was 16.65 percent, with the range from 16.15 to 16.90 percent. Seven-year bonds sold on Aug. 16 had an average yield of 16.90 percent.

The re-opened five-year bonds, which mature on Aug. 14, 2017, have a coupon of 16.58 percent and the seven-year bonds maturing on Aug. 21, 2019, carry a 16.90 percent coupon.

Settlement will take place on Sept. 4. Government bonds are sold by the central bank on behalf of the finance ministry.

($1 = 6.1027 Egyptian pounds) (Reporting by Tom Pfeiffer)

Tags: bonds, Central Bank, Egypt, markets, Ministry of Finance