Foreign appetite for Egyptian T-Bills are driving borrowing costs down

Foreign appetite for Egyptian T-Bills is driving borrowing costs down, Bloomberg’s Ahmed Feteha reports. Yields continued to drop in yesterday’s auction, where the three-year bonds fell to 16.813% from 18.652% and seven-year bonds to 16.750% from 18.596%, Reuters reports. We noted yesterday that yields on shorter-term bills were down by 100 bps in their previous auctions, driven by foreign inflows. Foreigners bought USD 500 mn worth of Egyptian debt in a single day on Sunday, writes Feteha.