Repeat opening deals similar to loans (5)

I believe the answer is:

repos

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'deals similar to loans' is the definition.
I don't know anything about this answer so I cannot tell whether this works.

'repeat opening' is the wordplay.
'repeat' becomes 'rep' (I can't explain this - if you can you should give a lot more credence to this answer).
'opening' becomes 'os' (os is a kind of opening).
'rep'+'os'='REPOS'

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I've seen this clue in The Times.

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