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Tuesday, 31 March 2020

Corporate bond issuers want to extend their maturities

DEBT WATCH- Corporate bond issuers want to extend their maturities: A number of players in the securitized bond market have held talks with the Financial Regulatory Authority over negotiating with bondholders to extend maturities for an additional six months after it granted a similar grace period for clients of mortgage lenders, and factoring and leasing companies, Al Mal reported citing sources that attending the meeting. Sarwa Capital, Raya Holdings, GB Capital, EFG Hermes, and Rawaj were among the attendees of the meeting.

Background: The market saw 18 securitization bonds offerings last year on 54 tranches collecting some EGP 22 bn in liquidity backed by issuers' asset portfolios with the real estate sector taking the lion's share. Most recently, Misr Capital concluded a EGP 2.2 bn securitized bond issuance on behalf of CI Capital’s Corplease backed by EGP 3 bn in receivables from leasing contracts and GB Leasing issued EGP 734 mn.

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