Egypt trims sale size of 5- and 7-year bonds

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CAIRO: Egypt’s central bank said it sold LE 2 billion ($331.2 million) in reopened five- and seven-year bonds on Monday, LE 1 billion less than what it had offered.

The central bank sold LE 1.6 billion of five-year bonds maturing on Jan. 17, 2017, and carrying a coupon of 16.35 percent. The yield ranged from 16.7 to 16.86 percent. The bank had initially offered LE 2 billion worth of the bonds.

It also sold LE 400 million of seven-year bonds maturing on Oct. 25, 2018 carrying a coupon of 14.5 percent. The yield ranged from 16.85 to 16.95 percent. The central bank had sought LE 1 billion worth.

Settlement for both bonds will take place on Feb. 21.

Government bonds are sold by the central bank on behalf of the Finance Ministry.


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