Egypt's 5-, 10-year bond yields fall at auction

CAIRO: Yields on five- and ten-year Egyptian government bonds fell at auction on Monday, marking a further decline in the country's debt costs after they hit roughly one-year highs earlier this month.

Five-year yields fell to 17.65 percent from 17.76 percent at the last sale on July 2, central bank data showed. Yields on the 10-year bonds fell to 17.18 percent from 17.86 percent at the last sale, also on July 2.

Egypt's short and long-term treasury yields had been climbing since April, fuelled by what bankers and economists said was an exit of foreign investors amid a broader global selloff in emerging markets.

Egypt was one of the world's hottest destinations for portfolio investors last year after short-term yields touched 22 percent, the result of aggressive central bank rate hikes aimed at curbing inflation.

Total foreign holdings of Egyptian treasuries hit $23.1 billion at the end of March, according to official data.