Central Bank of Egypt sells more t-bills than target for the first time in months

CBE overshoots t-bill auction target for the first time in weeks: The Central Bank of Egypt sold EGP 25.96 bn of treasury bills in two auctions that sought to raise EGP 20 bn, according to the official data. The CBE sold EGP 12.42 bn of six-month bills in a EGP 10 bn offering at a 13.55% yield. In the EGP 10 bn one-year offering, investors bought EGP 13.54 bn of bills at a 13.56% yield. The government has faced issues selling its target amount of bonds in recent weeks as pressure on the state’s finances caused by covid-19 caused investors to demand higher yields.