{"id":626941,"date":"2018-07-16T03:59:39","date_gmt":"2018-07-16T03:59:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/16\/playing-cat-and-mouse-with-the-carry-traders\/"},"modified":"2018-07-16T03:59:39","modified_gmt":"2018-07-16T03:59:39","slug":"playing-cat-and-mouse-with-the-carry-traders","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/16\/playing-cat-and-mouse-with-the-carry-traders\/","title":{"rendered":"Playing cat and mouse with the carry traders"},"content":{"rendered":"

<\/a> Playing cat and mouse with the carry traders: <\/strong>Yields on three- and nine-month T-bills fell at an auction on Sunday after a month-long advance, Reuters reports<\/a>. the yield on three-month treasuries fell to 19.364% from 19.69% a the last auction, while the yield on nine-month bills dropped to 19.422% from 19.68%. Rates had peaked last week, a sign some have suggested is suggests waning interest amid the still unfolding Emerging Markets Zombie Apocalypse. Banking sources told Reuters<\/a> over the weekend that Egypt saw up to USD 5 bn in outflows from its debt market as a result of the broader emerging market selloff. The CBE\u2019s data bulletin for April<\/a> indicated that the foreign holdings of Egyptian debt fell 1.25% m-o-m to EGP 375.5 bn \u2014 the first drop in foreign portfolio investments in 2018. \u201cThe average coverage ratio for treasuries, a measure of participation in debt auctions, dropped to its second lowest level in June since EGP was floated in late 2016,\u201d our friends at Pharos said in a note on Sunday. \u201cThe auction saw higher participation than in recent weeks but there was no breakdown available between local and foreign buyers,\u201d Reuters adds. Take it as additional impetus for the central bank to leave interest rates unchanged. <\/strong><\/p>\n

These external factors are driving the government to reduce its reliance on short-term borrowing<\/strong> and look to long-term facilities, Finance Minister Mohamed Maait told us in an exclusive chat<\/a> over the weekend. The Finance Ministry, which cancelled a bond sale last Tuesday<\/a> because prices were too expensive, is now in talks with multiple international funders to plug Egypt\u2019s funding gap, through loans of up to 30 years in duration.<\/p>\n","protected":false},"excerpt":{"rendered":"

Playing cat and mouse with the carry traders: Yields on three- and nine-month T-bills fell at an auction on Sunday after a month-long advance, Reuters reports. the yield on three-month treasuries fell to 19.364% from 19.69% a the last auction, while the yield on nine-month bills dropped to 19.422% from 19.68%. Rates had peaked last […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-626941","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"2b480b23-04f0-475c-a6ee-411822f238dc","order":"0","is_powered_by":true,"section_story_id":"1348c167-4f99-443d-adad-2874bd49c41b","story_type":"1","photo_url":"","photo_position":"above","related_issue":[626934],"teaser":"","voice_url":""},"yoast_head":"\nPlaying cat and mouse with the carry traders - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/16\/playing-cat-and-mouse-with-the-carry-traders\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Playing cat and mouse with the carry traders\" \/>\n<meta property=\"og:description\" content=\"Playing cat and mouse with the carry traders: Yields on three- and nine-month T-bills fell at an auction on Sunday after a month-long advance, Reuters reports. the yield on three-month treasuries fell to 19.364% from 19.69% a the last auction, while the yield on nine-month bills dropped to 19.422% from 19.68%. 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Official data yesterday showed that an auction of three-month t-bills fetched a yield\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596579,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/02\/egypts-t-bond-yields-hit-new-14-month-lows\/","url_meta":{"origin":626941,"position":1},"title":"Egypt\u2019s T-bond yields hit new 14-month lows","author":"enterpriseam admin","date":"2 July 2019","format":false,"excerpt":"T-bond yields hit new 14-month lows: Yields on T-bonds fell to their lowest levels since May 2018 in a bond auction last week as banks snapped up 3- and 7-year government bonds, CBE data (pdf) showed. Yields on 3-year bonds fell to 15.987% from 16.022%, while yields on 7-year notes\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601049,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/18\/yields-plunge-at-government-t-bills-auction\/","url_meta":{"origin":626941,"position":2},"title":"Yields plunge at government T-bills auction","author":"enterpriseam admin","date":"18 February 2019","format":false,"excerpt":"Yields plunge at government t-bill auction: Average yields on three-month and nine-month t-bills fell at the Central Bank\u2019s 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\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599984,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/16\/egypt-treasuries-are-once-again-competitive-to-carry-traders\/","url_meta":{"origin":626941,"position":3},"title":"Egypt treasuries are once again competitive to carry traders","author":"enterpriseam admin","date":"16 January 2019","format":false,"excerpt":"Treasury bond yields have fallen to their lowest levels in six months: Average yields on 5- and 10-year treasury bonds auctioned by the central bank on Monday fell to their lowest since August and July, respectively, according to CBE data. Average yields for the 5- and 10-year notes were 18.030%,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593140,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/19\/central-bank-of-egypt-sells-usd-1-56-bn-in-1-year-usd-t-bills\/","url_meta":{"origin":626941,"position":4},"title":"Central Bank of Egypt sells USD 1.56 bn in 1-year USD T-Bills","author":"enterpriseam admin","date":"19 November 2019","format":false,"excerpt":"CBE sells USD 1.56 bn in 1-year USD T-Bills: The Central Bank of Egypt (CBE) sold yesterday USD 1.56 bn in 1-year USD-denominated T-bills, official CBE data shows. The bills carry an average yield of 3.587%, falling slightly from 3.87% in the last similar auction in June, which saw Egypt\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":642123,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/07\/yields-on-short-term-borrowing-continue-to-drop\/","url_meta":{"origin":626941,"position":5},"title":"Yields on short-term borrowing continue to drop","author":"enterpriseam admin","date":"7 August 2017","format":false,"excerpt":"Yields on three-and nine-month treasury bills fell again in yesterday\u2019s auction, continuing the drop from Thursday\u2019s auction. 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