Egypt cancels seven-year treasury bond, bankers speculate rates were too high

The central bank cancelled a seven-year treasury bond sale on Sunday, according to Reuters. “The central bank and the finance ministry did not immediately say why the bond auctions were cancelled. But two bankers said most likely the bids from the banks were too high for the finance ministry to accept.” Yields on three-year bonds rose to 17.229% from 17.097% on Sunday as well.