T-bill yields fall slightly in first auction after rate cut

T-bill yields fall slightly in first auction after rate cut: Yields on three-month and nine-month treasury bills fell yesterday in the first auction after the Central Bank of Egypt (CBE) cut benchmark interest rates by 100 bps. Official data yesterday showed that an auction of three-month t-bills fetched a yield of 15.380%, down almost a half-point from 15.878% on 12 November. Nine-month treasuries, meanwhile, yielded 15.098%, down more than 40 bps from 15.512%. The CBE made its third consecutive rate last Thursday, and its fourth of the year. It has now cut rates by 350 bps since August, having made a single 100 bps cut in February. The overnight deposit rate now stands at 12.25% and the lending rate is at 13.25%. The main operation and discount rates were both cut to 12.75%.