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Deutsche Bank, HSBC, Citi Join New $3.8 Billion Deal With Egypt

  • Accord replaces earlier $3.1 billion deal expiring in November
  • Egypt’s external debt more than doubled since the end of 2016

Egypt struck a deal to get $3.8 billion in new financing from an international consortium that includes Deutsche Bank AG and HSBC Bank Plc to boost its foreign-currency stockpile at a time when an emerging-market selloff is spooking investors.

The accord replaces a one-year, $3.1 billion agreement that will expire next month, and aims at “extending the duration” of Egypt’s debt structure, the central bank said in a statement on Thursday. The repurchase transaction was struck with lenders that also include Citigroup Global Markets Limited, Credit Suisse Group AG, JPMorgan Securities Plc and First Abu Dhabi Bank PJSC. It takes effect on Nov. 19 and will carry a final maturity of 4 1/2 years.