Back to the complete issue
Monday, 10 January 2022

Premium Card has its eye on the securitization market again

Premium Card is looking to tap the securitized bond market again this year with a two-tranche, EGP 500 mn issuance, in the final round of a securitization program it launched in 2020, Al Mal quoted Managing Director Osama Farid as saying.

Premium Card’s securitization program was initially slated to total EGP 2 bn, but has been reduced “under pressure of several factors,” Farid was quoted as saying, without providing further details. The program has seen six issuances worth a combined EGP 1.05 bn so far, including an EGP 170 mn short-term securitized bond sale consisting of a single 10-month tranche that closed last week.

Egyptian issuers have sold EGP 6.9 bn worth of securitized bonds since the start of 2021, by our count, while a total of 19 securitized bond issuances with a combined value of EGP 15.8 bn went to market last year.

Also in the pipeline: Cairo Housing and Development’s maiden issuance to the tune of EGP 146 mn, while its sister companies are slated to take a EGP 190 mn issuance to market after receiving regulatory approval.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.