By Ahmed A. Namatalla - 2012-06-03T08:55:52Z

Egypt will offer 3 billion Egyptian pounds ($496 million) of treasury bills today after a verdict in former President Hosni Mubarak’s trial sparked demonstrations in several cities.
The North African country will sell three- and nine-month notes valued at 1 billion pounds and 2 billion pounds, respectively, central bank data on Bloomberg showed. The yield on the three-month securities rose to a 14.388 percent at last week’s auction, the highest since Bloomberg started tracking the data in 2006. The nine-month rate was at 15.825 percent.
A Cairo court handed life sentences to the former leader and his interior minister Habib El-Adli yesterday for complicity in the deaths of demonstrators during last year’s uprising. It also acquitted six senior police officials of charges related to the killings and Mubarak’s two sons, Alaa and Gamal, of corruption charges. All decisions are subject to appeal. Thousands of demonstrators filled Cairo’s Tahrir Square within hours of the verdict to voice their discontent.
Egypt is less than two weeks away from the second round of the first post-Mubarak presidential election, pitting the Muslim Brotherhood’s Mohamed Mursi against Mubarak’s last prime minister Ahmed Shafik.
The yield on Egypt’s 5.75 percent dollar bonds due in 2020 fell three basis points, or 0.03 of a percentage point, to 6.79 percent on June 1, according to prices compiled by Bloomberg. The Egyptian pound was little changed at 6.0393 a dollar.
To contact the reporter on this story: Ahmed A Namatalla in Cairo at [email protected];
To contact the editor responsible for this story: Claudia Maedler at [email protected]
Please enable JavaScript to view the comments powered by Disqus.