Egypt bond yields drop 115 bps in a week

The average yields on Egypt’s five- and 10-year government bonds dropped significantly in yesterday’s auction, Reuters reports. The yields on both bonds dropped to 15.00% from 16.15% in the last similar auction. Finance Ministry data notes that the two bond auctions were covered 3.4 and 3.8 times, respectively. CI Capital Senior Economist Hany Farahat attributed the improved liquidity to higher foreign currency inflows in recent months.