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|14 October, 2018

Egypt's CBE signs $3.8bln financing agreement with international banks

Repurchase transaction will settle on 19 November 2018

A man walks past a currency exchange bureau advertisement showing an image of the U.S. dollar in Cairo, Egypt October 13, 2016. Image for illustrative purposes.

A man walks past a currency exchange bureau advertisement showing an image of the U.S. dollar in Cairo, Egypt October 13, 2016. Image for illustrative purposes.

REUTERS/Mohamed Abd El Ghany

The CBE has announced that it agreed to enter into a new repurchase transaction of $3.8 billion with a consortium of international banks including Citigroup, Credit Suisse as well as Deutsche Bank, First Abu Dhabi Bank and HSBC.

In a statement, CBE stated that the repurchase transaction will settle on 19 November 2018, following the CBE repayment of the total sum of $3.1 billion, on 15 November 2018, honoring the terms of the previous repurchase transaction transacted in November 2017, with a consortium of international banks.

This financing transaction is provided by the banks against the entire amount of Egypt dollar-denominated sovereign bonds with maturities November 2024 and November 2028 in addition to newly to be issued Egypt dollar-denominated sovereign bonds maturing in 2026 and 2030.

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ICBC Standard Bank, JPMorgan Securities as well as Natixis and Nomura International are also part of the consortium involved in the loan.

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