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Egypt misses debt sale target as borrowing costs increase

Posted on 07 February 2012

Egypt, which plans to offer debt to nationals living abroad, sold 31 percent less of treasury bills and bonds than it sought today as yields rose. Egypt plans to raise at least $2 billion from the sale of Islamic bonds and certificates of deposits to Egyptians living overseas as the government seeks to reduce record borrowing costs, Finance Minister Momtaz El-Saieed said.
The offerings are planned to take place within two weeks, he said. The government had sought to raise 6.5 billion pounds at the auctions today……………………………………….Full Article: Source

 
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