The average yield on Egyptian 182-day treasury bills rose about 40 basis points on Thursday, a rise that indicates some investors may be holding back from buying government securities amid protests.
The amount of T-bills offered was fully covered, with the average yield rising to 10.62 percent from 10.222 percent at last week’s auction, the central bank said.
The higher yield could indicate the central bank is having to pay more to attract buyers.
The accepted bids ranged from 10.249 and 10.731 percent versus a range of 9.999-10.28 percent at the previous auction. The bills are for issue on Feb. 1 and mature on Aug 2.
The central bank had offered bills worth LE 2.5 billion ($427 million), the same amount it sold. –Reuters
HED: SODIC gets extension on tax exemptions
SODIC, Egypt’s third-biggest listed property developer, has been granted an extension for tax exemptions to end in 2012, instead of 2007.
SODIC, which manages mostly upscale real estate projects, said on Wednesday it had agreed with tax authorities to extend the exemption, since it started actual operations in 2002.
SODIC shares fell 6 percent in early trade, while the benchmark index tumbled 4.8 percent after a day of political protests.
