The auction of the five-year treasury bills (T-Bills) closed four-folds oversubscribed, while the auction for 10-year T-Bills closed three-folds oversubscribed, Egypt’s Ministry of Finance announced on Tuesday. The auction was conducted by the Central Bank of Egypt (CBE), and accounted for a total of EGP 5.8bn.
The ministry said that strong demand from foreign investors for 10-year notes confirms the strength of the Egyptian economy. The yield was less than 14.5%.
The statement confirmed that the results of offering bonds exceeded experts’ expectations, as they reflected a number of positive indicators, as well as foreign investors’ confidence in the stability and the strength of the Egyptian economy along with the success of the comprehensive economic and social reform programme executed by the Egyptian government.
The statement pointed out that the success of the auction also reflects the positive view that Egypt enjoys with international, regional, and local investment funds, as well as banks, as these banks and investment funds become partners in this future.