Egypt’s sale of T-bills fell short of the government’s target for a third consecutive time as investors demanded higher yields to hold the debt, according to a report by Beltone Financial.

The Ministry of Finance sold LE2.6 billion ($437 million) of 273-day notes, less than the LE3.5 billion planned, at an average yield of 12.658 per cent, 14 base points more than the previous sale of similar maturity securities on 20 April, according to data provided by the Central Bank of Egypt.

The government also issued LE1.5 billion of 91-day bills at an average yield of 11.445 per cent, 10 base points more than the last sale.