July 16, 2017 / 1:42 PM / a year ago

UPDATE 1-Yields fall on Egypt's three-month, nine-month T-bills amid foreign buying

CAIRO, July 16 (Reuters) - The average yields on Egypt’s three-month and nine-month treasury bills fell at an auction on Sunday, data from the central bank showed, amid high foreign buying of Egyptian debt.

The average yield on the 91-day bill fell to 21.920 percent from 22.523 percent at the last similar auction on July 9 and the yield on the 266-day bill fell to 21.775 percent from 22.444 percent.

Demand for Egypt’s domestic debt has increased since the central bank floated its pound currency in November as part of an International Monetary Fund loan agreement aimed at reviving the economy.

Foreign participation in Egypt’s Treasury bill auction made up 25 percent of the sale, or 4 billion Egyptian pounds ($222.59 million), the head of public debt at the Finance Ministry, Sami Khallaf, told Reuters.

The foreign appetite for Egyptian debt has increased since the central bank raised key interest rates by 2 percentage points earlier this month, its third increase since Egypt floated its currency in November last year. ($1 = 17.9700 Egyptian pounds) (Reporting by Eric Knecht; Writing by Arwa Gaballa; Editing by Greg Mahlich)

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