Egypt to offer worth $831m in reopened bonds

Egypt's Finance Ministry will offer 5 billion Egyptian pounds ($830.98 million) in reopened three- and five-year bonds at an auction on December 19, the central bank said on Monday.

Yields on Egyptian government debt have soared this month to their highest in years as the government struggles to finance a growing budget deficit.

Local banks have nearly exhausted their liquidity and political turmoil has scared off foreign investors. Investors did not take up the full amount offered at the government's last three bond auctions.

The central bank will offer 2.5bn pounds of the three-year bonds, which carry a 14 per cent coupon and mature on October 18, 2014, and 2.5bn pounds of the five-year bonds, which carry a 14.25 per cent coupon and mature on October 25, 2016.

The central bank is acting on behalf of the Finance Ministry. Settlement is on December 20, 2011.