Egypt to raise $738m

Cairo: Egypt will seek to raise 4.5 billion Egyptian pounds ($738 million) at an auction of treasury bills yesterday after extending loan negotiations with the International Monetary Fund. The Arab country will invite bids for one billion pounds of three-month notes and 3.5 billion pounds of nine-month securities, according to central bank data on Bloomberg.
The yield on nine-month bills declined last week 17 basis points, or 0.17 of a percentage point, to 12.95 per cent from a week earlier, the lowest level in almost 15 months.


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