Egypt cuts bond sale
Egypt has issued less than a fifth of the debt it planned to sell as investors’ demand for yield raised borrowing costs to the highest in a year after the central bank increased interest rates last week, Bloomberg has reported. The government sold EGP787m ($110m) of securities at an auction on Monday, 19% of the original EGP4.25bn it sought, according to central bank data. The finance ministry missed its fund-raising target even as it received bids equivalent to about 1.5 times its original target. It usually rejects bids if it judges investors’ yield demands to be too high.