CBE agrees $3.1bn financing from international banks
CBE repaid $2bn, honouring repurchase transaction with international banks
The Central Bank of Egypt (CBE) repaid a total sum of $2bn on Thursday, honouring a repurchase transaction with a consortium of international banks, emphasising Egypt’s commitment to meet all of its liabilities and external debt duly.
The CBE entered into a new repurchase transaction on Monday with the same consortium of international banks namely Barclays Bank PLC, Citigroup Global Markets Limited, Credit Suisse AG, London Branch, Deutsche Bank AG, London Branch, HSBC Bank, HSBC Bank Middle East, J.P. Morgan Securities, Natixis, and Nomura International, for a total amount of $3.1bn and a maturity of one year.
The total amount of bids submitted for the transaction amounted to $4.3bn, reflecting a vote of confidence by the international market in the success of the home-grown economic reform program in the past year as well as the ongoing commitment demonstrated by Egyptian authorities to bolstering domestic economic and financial conditions.
This financing transaction was provided by the banks against most of the country’s dollar-denominated sovereign bonds with maturities of December 2018, November 2024, and November 2028, held by the CBE, which are listed on the Irish Stock Exchange and whose issuance complies with international standards.