Egypt 10-Year Bonds Sell 1st Time Since Revolution
Egypt’s borrowing costs have soared since foreign investors discarded $7.5 billion of government debt that followed the protests and revolution.
Egypt has sold 10-year bonds for the first time since the start of the revolution. It sold them at an average yield of 17.03%. The auction was not much in terms of size, 1 billion Egyptian pounds, but proved that Egypt wants to get back on track. Under difficult political circumstances, Egypt is on the brink of securing foreign aid.
The sale of government bonds represented new issuances. Egypt is resorting to selling shorter term bonds to avoid paying higher yields.