CBE sells more than EUR 600 mn in T-bills in oversubscribed issuance

Central bank completes T-bill auction: The Central Bank of Egypt (CBE) sold EUR 626.4 mn in one-year EUR-denominated T-bills in an auction yesterday, according to the bank’s website. The EUR 600 mn issuance was more than 30% oversubscribed, with investors lodging bids worth EUR 806.4 mn, the bank said.

Higher borrowing costs: The central bank sold the bills at an average yield of 4.0%. This is more than double the 1.7% rate in a similar issuance last August, and higher than the 2.3% yield in the last EUR-denominated T-bill sale in November.