Yields on one-year and six-month treasury bills dropped at auctions on Thursday as the Finance Ministry sold all amounts on offer, data from the Central Bank showed. The average yield on Egypt's 182-day bill fell to 13.683%, compared with 13.750% at the last sale on 24 March. The yield on the 364-day bill dropped to 14.231%, against 14.321% at its last similar auction on 24 March. The Finance Ministry sold all EGP4.5 billion of 182-day treasury bills that it had allocated and all EGP5 billion of 364-day bills.   Our comment: Falling yields largely come as a result of the Ministry of Finance limiting its issuance in the final quarter of FY2015/16 to paper with a maximum maturity of five years, completely cancelling issuances for longer tenures of seven and ten years. The move comes obviously so as not to lock high-interest rate bearing long-term maturities, preferring to take the pain in the short term. Such changed issuance schedule is, therefore, likely to put pressure on short-term paper as funds have been mostly liquid over the past few months as the market anticipated higher yields. (Mohamed Abu Basha)