Egypt Macro | Newsflash: Bond/Repo deal another boost to NIR
Bold sale to secure USD2bn repo deal. The Ministry of Finance (MoF) made an unexpected announcement this morning that it listed USD4bn in bonds on the Irish stock exchange. The bonds, issued to the CBE, are across various maturities: 1, 8 and 12 years at annual rates of 4.6%, 6.75%, and 7%, respectively. The CBE will use this asset as collateral to finalise repo agreements with international banks worth USD2bn that mature in 1 year. This tops the USD2.7bn awaited from the IMF (which the Fund announced could be disbursed immediately upon approval) and USD2.8bn in Chinese currency swap expected before month-end. We expect NIR to increase to cUSD26bn by month-end, up from our previous estimate of cUSD24bn and USD19bn in October. This would imply 5.5 months of import coverage.
CI Capital is a diversified financial services group and Egypt’s leading provider of leasing, microfinance, and investment banking products and services.
Through its headquarters in Cairo and presence in New York and Dubai, CI Capital offers a wide range of financial solutions to a diversified client base that include global and regional institutions and family offices, large corporates, SMEs, and high net worth and individual investors.
CI Capital leverages its full-fledged investment banking platform to provide market leading capital raising and M&A advisory, asset management, securities brokerage, custody and research. Through its subsidiary Corplease, CI Capital offers comprehensive leasing solutions, including finance and operating leases, and sale and leaseback, serving a wide range of corporate clients and SMEs. In addition, CI Capital offers microfinance lending through Egypt’s first licensed MFI, Reefy.
The Group has over 1,700 employees, led by a team of professionals who are among the most experienced in the industry, with complementary backgrounds and skill sets and a deep understanding of local market dynamics.
CI Capital has been recognized as the “Best Investment Bank in Egypt” by EMEA Finance for four years running from 2013-2016, and by Global Finance in 2014 and 2015.
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