Yields mixed at Egypt’s T-bond auction
Yields were mixed on Egypt’s three- and sevenyear treasury bonds at an auction yesterday, with yields on the shorter term bonds increasing while the yields on the longer term debt fell, data from the central bank showed. The average yield on the three-year bond increased to 18.573 percent from 18.258 percent at the last auction on Oct 31, while the average yield on the seven-year bond fell to 18.373 percent from 18.732 percent in the last auction.
CAIRO: DUBAI: DUBAI: Egypt’s first gold mining tender set for early Dec
Egypt will hold its first international tender for gold mining concessions since 2009 in early December, Petroleum Minister Tarek El Molla said at an economic conference yesterday. Geologists say that Egypt has mineral-rich territory that could be ripe for mining, but investors have said that commercial terms offered in previous tenders were unattractive and have kept the sector underdeveloped. Last year the government said it wanted mining to increase its contribution to GDP to more than 5 percent from the less than 1 percent currently.
GGICO restructuring $643 million of debt
Gulf General Investment Company (GGICO) is in talks with banks to restructure loan facilities worth a combined 2.36 billion dirhams ($643 million), the Dubai-based company said in its financial statement yesterday. It is the second time in recent years that the company, which has investments spanning financial services, property, hospitality, manufacturing and retailing, has been forced to renegotiate its financial commitments. It completed a 2.8 billion dirham restructuring in 2012.
Qatar CB to offer 3 billion riyals bonds
Qatar’s central bank will offer 3 billion riyals ($825 million) of government bonds yesterday, with allocations due to take place today, an offer circular seen by Reuters showed. It will offer 1.5 billion riyals of three-year bonds at 2.25 percent, 1 billion riyals of five-year bonds at 2.75 percent, 250 million riyals of seven-year bonds at 3.25 percent, and 250 million riyals of 10-year bonds at 3.75 percent. Interest rates are the same as in the last domestic government bond sale in October, when the central bank sold 1.5 billion riyals of bonds.