Informed sources revealed to Daily News Egypt that the New Urban Communities Authority (NUCA) is expected to offer its largest securitisation bond issuance in the history of the Egyptian Capital Market at a value of EGP 20bn within a month.
Last week, the Financial Regulatory Authority (FRA) submitted a request for NUCA to approve the EGP 20bn issuance, bringing the total value of bonds issued since the beginning of this year to EGP 30bn.
The sources added that the Commercial International Bank (CIB) will be assuming the role of the financial adviser and promoter of the offering, while Al-Derini & Co. will act as the legal adviser, and Al-Tameer Securitisation will issue the expected offering.
Chairperson of the FRA Mohamed Omran said in a statement issued yesterday that with the completion of the approval of NUCA’s issuance, the total issuance of bonds and sukuk will reach EGP 34bn, adding that this trend should continue given how these debt instruments are integral to financing companies, bodies, and public figures.
At the end of July 2022, the FRA agreed that an unnamed company would launch Egypt’s first multi-issue programme for future financial rights securitisation bonds at an amount of EGP 2bn for a period of three years.