Egypt sells fewer 3- and 5-yr bonds than on offer

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CAIRO: Egypt’s central bank said it sold fewer reopened three-year and five-year bonds than were on offer at an auction on Monday.

The bank said it sold LE 2 billion ($332.1 million) of reopened three-year bonds that mature on Oct. 18, 2014, and carry a 14 percent coupon. The yield ranged from 15.65 to 15.94 percent.

It also sold LE 1.5 billion of reopened five-year bonds that mature on Oct. 25, 2016, and bear a coupon of 14.25 percent. The yield ranged from 15.25 to 16.05 percent.

The central bank, which sells the bonds on behalf of the Finance Ministry, had offered LE 2.5 billion of each maturity.

Settlement will take place on Dec. 21.


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