{"id":576284,"date":"2020-11-18T03:29:10","date_gmt":"2020-11-18T03:29:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/18\/cbe-extends-usd-3-8-bn-repo-agreement-with-intl-banks\/"},"modified":"2020-11-18T03:29:10","modified_gmt":"2020-11-18T03:29:10","slug":"cbe-extends-usd-3-8-bn-repo-agreement-with-intl-banks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/18\/cbe-extends-usd-3-8-bn-repo-agreement-with-intl-banks\/","title":{"rendered":"CBE extends USD 3.8 bn repo agreement with int\u2019l banks"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a><strong> CBE extends term of USD 3.8 bn repo transaction with int\u2019l banks to six years: <\/strong>The central bank has agreed to extend the four-and-a-half-year <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/14\/cbe-enters-usd-3-8-bn-repurchase-transaction-with-intl-banks\/?fbclid=IwAR0oOAvC-JYB_Dy-AliWV30-AyDuNDpvGiUh8JyQ6HzR6o6Tpfzfucieddo\">repurchase (repo) agreement<\/a> it signed with international banks in 2018 to six years, it said in a <a href=\"https:\/\/www.cbe.org.eg\/en\/Pages\/HighlightsPages\/The-Central-Bank-of-Egypt-agrees-to-extend-the-term-of-its-repo-financing-facility-with-a-syndicate-of-International-Banks.aspx\">statement (pdf)<\/a> yesterday. The banks \u2014 which include Citigroup, Credit Suisse, Deutsche Bank, First Abu Dhabi Bank, HSBC, and JP Morgan Securities \u2014 approached the CBE asking for the extension and offering better terms, CBE Deputy Governor Ramy Aboul Naga <a href=\"https:\/\/www.alarabiya.net\/ar\/aswaq\/special-stories\/2020\/11\/17\/%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D9%84%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D8%AA%D9%85%D8%AF%D9%8A%D8%AF-%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D8%A8%D9%80-3-8-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%A8%D8%B4%D8%B1%D9%88%D8%B7-%D8%A3%D9%81%D8%B6%D9%84-\">told Al Arabiya<\/a>. The extension will lengthen the maturity of the bonds purchased by the banks by 18 months, allowing the central bank to repay in October 2024. The agreement demonstrates \u201ca show of confidence by the international market in the continued success of the homegrown economic reform program,\u201d the central bank said.<\/p>\n<p><strong>What exactly is a repo agreement? <\/strong><a href=\"https:\/\/www.investopedia.com\/terms\/t\/term-repurchase-agreement.asp\">Repo financing<\/a> is a form of borrowing which involves the sale of a debt security to a lender with a promise to buy it back at a later date, with other securities acting as collateral. Typically, repo refers to overnight and short-term borrowing, but repurchase agreements can also have longer terms.<\/p>\n<p><strong>Background:<\/strong> Previous repo agreements were aimed at securing financing for longer-term foreign debt repayments. The CBE had secured a USD 2 bn repo financing <a href=\"https:\/\/enterprise.press\/stories\/2016\/11\/13\/cbe-secures-usd-2-bn-financing-agreement-after-treasury-privately-places-usd-4-bn-in-bonds\/\">in November 2016<\/a> as part of funding required to secure the USD 12 bn IMF Extended Fund Facility. The agreement was <a href=\"https:\/\/enterprise.press\/stories\/2017\/11\/14\/egypt-signs-usd-3-2-bn-expansion-of-last-years-repo-transaction-with-global-banks\/\">then expanded<\/a> in the same month of 2017 to USD 3.2 bn.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CBE extends term of USD 3.8 bn repo transaction with int\u2019l banks to six years: The central bank has agreed to extend the four-and-a-half-year repurchase (repo) agreement it signed with international banks in 2018 to six years, it said in a statement (pdf) yesterday. The banks \u2014 which include Citigroup, Credit Suisse, Deutsche Bank, First [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":576285,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[271,7106,72,2380,6219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-576284","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-central-bank-of-egypt","tag-debt","tag-enterpriseam","tag-speed-round","tag-term-repurchase-agreement","wpautop","entry"],"acf":{"mongo_id":"f080f28d-77f0-4e02-942b-16b0748364b4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/11\/196.jpg","photo_position":"above","related_issue":[576279],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CBE extends USD 3.8 bn repo agreement with int\u2019l banks - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/18\/cbe-extends-usd-3-8-bn-repo-agreement-with-intl-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE extends USD 3.8 bn repo agreement with int\u2019l banks\" \/>\n<meta property=\"og:description\" content=\"CBE extends term of USD 3.8 bn repo transaction with int\u2019l banks to six years: The central bank has agreed to extend the four-and-a-half-year repurchase (repo) agreement it signed with international banks in 2018 to six years, it said in a statement (pdf) yesterday. 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The Central Bank of Egypt (CBE) earlier this month extended the term of a repurchase agreement (or repo) it had inked with a consortium of international banks back in 2018. The agreement means the CBE will keep in its vaults some USD 3.8 bn in\u2026","rel":"","context":"In &quot;Enterprise explains&quot;","block_context":{"text":"Enterprise explains","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/enterprise-explains\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/257.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":641174,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/14\/international-institutions-offer-to-increase-volume-of-cbe-repo-transactions-to-usd-5-bn\/","url_meta":{"origin":576284,"position":2},"title":"International institutions offer to increase volume of CBE repo transactions to USD 5 bn","author":"enterpriseam admin","date":"14 September 2017","format":false,"excerpt":"International bank consortium to extend tenor, increase value of repo: A consortium of international banks have offered to extend a USD 2 bn repurchase agreement (repo) with a maturity of one year, rolling it over into a USD 5 bn repo with a five-year maturity, Central Bank Governor Tarek Amer\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621900,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/21\/cbe-sells-usd-1-7-bn-usd-denominated-t-bills-repurchases-usd-2-6-bn-t-bonds\/","url_meta":{"origin":576284,"position":3},"title":"CBE sells USD 1.7 bn USD-denominated T-bills, repurchases USD 2.6 bn T-bonds","author":"enterpriseam admin","date":"21 November 2018","format":false,"excerpt":"The central bank sold USD 1.7 bn-worth of one-year USD-denominated treasury bills on Monday at an average yield of 3.697%, it said on its website. Egypt also issued on Monday USD 2.57 bn-worth of treasury bonds in two tranches: A USD 860 mn series with a 2026 maturity at 7.12%\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":637412,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/15\/usd-3-1-bn-extended-financial-repo-transactions-carries-same-collateral\/","url_meta":{"origin":576284,"position":4},"title":"USD 3.1 bn extended financial repo transactions carries same collateral","author":"enterpriseam admin","date":"15 November 2017","format":false,"excerpt":"USD 3.1 bn extended financial repo transactions carries same collateral: The USD 3.1 bn expanded financial agreement with global banks secured as part of a repurchase (repo) transaction in 2016 carried the same collateral and came with favorable terms, CBE Sub-Governor Rami Aboul Naga said in a phone interview with\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":637347,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/14\/egypt-signs-usd-3-2-bn-expansion-of-last-years-repo-transaction-with-global-banks\/","url_meta":{"origin":576284,"position":5},"title":"Egypt signs USD 3.2 bn expansion of last year\u2019s repo transaction with global banks","author":"enterpriseam admin","date":"14 November 2017","format":false,"excerpt":"Egypt signs USD 3.2 bn expansion of financing agreement with global banks: Egypt has signed an expanded financing agreement with global banks, secured as part of a repurchase (repo) transaction in 2016, CBE Governor Tarek Amer said on Monday, according to Bloomberg. The agreement expands the one-year repo to USD\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576284","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=576284"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576284\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/576279"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/576285"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=576284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=576284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=576284"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=576284"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=576284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}