Yields plunge at government T-bills auction

Yields plunge at government t-bill auction: Average yields on three-month and nine-month t-bills fell at the Central Bank’s auction yesterday to 17.453% and 17.686%, respectively, from 18.202% and 18.543% at the last auction, central bank data shows. That said: The central bank sold only EGP 102.95 mn worth of three-month notes compared to a target of EGP 8.5 bn as investors demanded yields as high as 18.452%. It also sold EGP 9.3 bn worth of nine-month securities, exceeding the EGP 8.5 bn target. The auction was the first after the central bank’s surprise interest rates cut last week.