CI Capital concludes EGP 15bn securitized bond issuance for NUCA

Daily News Egypt
3 Min Read

CI Capital the diversified financial services group, announced Tuesday the successful conclusion of an EGP 15bn securitized bond issuance on behalf of Al Taamir Securitization, the originator of The New Urban Communities Authority (NUCA). The transaction is considered one of the largest securitized bond issuances in the history of the Egyptian market.

The issuance comes in 4 tranches: the first valued at EGP 1.26bn, with a tenor of 12 months, received a Prime 1 rating, the highest from Middle East Ratings and Investor Services (MERIS). The second tranche, valued at EGP 3.93bn, with a tenor of 36 months, received an AA rating. The third tranche, valued at EGP 4.822bn, with a tenor of 60 months, received a rating of AA-. The fourth tranche valued at EGP 4.987bn, with a tenor of 79 months, received a rating of A-.

This transaction comes as the second issuance concluded by CI Capital for the New Urban Communities Authority “NUCA” in 2023, following a c.EGP 15bn securitized bond issuance last July. The demand generated by both issuances, totalling c.EGP 30bn, reflects positively on the depth of the Egyptian market and its ability to attract a diverse base of investors spanning banks, companies, and high-net-worth individuals. 

Amr Helal, CEO of the Investment Bank “Sell-side” at CI Capital stated, “This issuance marks the sixteenth consecutive transaction concluded by CI Capital since the beginning of the year, having advised on ECM, DCM, and M&A transactions with an aggregate value exceeding EGP 53bn.”

“We are thrilled to advise on yet another issuance with NUCA, effectively concluding the third securitized bond issuance program on their behalf. The Egyptian market witnessed increased activity in Egyptian debt capital markets, having increased 77% year-on-year in aggregate deal value to cross EGP 69bn as of today,” Commented Mohamed Abbas, head of DCM at CI Capital.  

CI Capital, Ahly Pharos, and the Commercial International Bank Egypt Bank acted as financial advisers, issuance managers, and lead arrangers in the issuance, Baker Tilly acted as the issue’s financial auditor, while Dreny and Partners acted as the legal advisor.

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