Egypt Offers $ 657 Million of T-Bonds

Egypt will offer 4 billion Egyptian pounds, $657 million, of treasury bonds after the government said it is looking to double economic growth in the year that ends in June. The nation’s dollar bonds rose. The country will seek bids for 2 billion pounds of three-year securities, according to central bank data on Bloomberg. It will also offer seven- and 10-year notes valued at 1 billion pounds each. The country last sold debt maturing in 2022 on Aug. 13 at an average yield of 17.03 percent.

Egypt is targeting economic growth of 4 percent to 4.5 percent for the year that ends in June, Prime Minister Hisham Qandil said in an interview yesterday before Finance Minister Momtaz el-Saieed said the rate reached 2.2 percent in the last fiscal year. Domestic debt yields are tumbling after the government restarted loan talks with the International Monetary Fund for $4.8 billion and attracted $2 billion in aid from Qatar. The pound, subject to a managed float, strengthened for a fourth day, gaining less than 0.1 percent to 6.0893 a dollar at 12:22 p.m. in Cairo. The currency had weakened to 6.0184 a dollar on Sept. 4, the lowest level since December 2004. The yield on the 5.75 dollar bonds due in 2020 retreated one basis point, or 0.01 of a percentage point, to 5.32 percent, according to prices compiled by Bloomberg. That’s the lowest level since January 2011.