Yields mixed at Egypt’s T-bond auc­tion

Kuwait Times - - BUSINESS -

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.

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