Government shows big appetite for Egypt’s T-bills as yields fall

Government T-bill yields go the way of bonds: Meanwhile, it appears that yields on government bills are following bonds downwards. Yields on 6-month and 1-year notes fell to 18.829% and 18.904%, respectively, marking their lowest since June and August, CBE data showed. The government sold about EGP 27 bn of 6-month and 1-year T-bills during a Thursday auction, far exceeding the EGP 18 bn initially targeted. Yields on Egyptian securities have been falling in recent auctions as the emerging markets selloff appeared to dissipate earlier in the year and banks rush to lock down profits from bills before the new tax treatment goes into effect.