Egyptian bond yields skyrocket as reserves plunge

Selected government energy prices up by 33 percent

Cairo - Yields on the country’s benchmark dollar bonds maturing in 2020 jumped 18 basis points, or 0.18 percentage point, to a record 8.25 percent. The government canceled an auction of pound-denominated bonds on Jan. 2 as investors demanded yields of more than 16 http://www.blogger.com/img/blank.gifpercent.



The government says it’s working to rein in the budget deficit and has raised energy prices for some industries by about 33 percent.