DEBT WATCH- Sarwa, Banque Misr conclude EGP 4 bn NUCA securitized bond issuance: Sarwa Capital and Banque Misr have concluded an EGP 4 bn securitized bond issuance on behalf of the New Urban Communities Authority (NUCA), Sarwa announced in a statement (pdf). Suzan Hamdy, head of capital markets at Banque Misr, described the transaction as a “key milestone” for Egypt’s fixed income market, while Ayman Elsawy, chairman of Sarwa Promotion & Underwriting, said it “reflects the rising investor confidence in the Egyptian government and its plans towards sustainable economic growth.” The bond received an AA- rating by the Middle East Ratings and Investors’ Service. EBRD was a “major participant in this bond issuance,” the statement noted, quoting EBRD boss Sir Suma Chakrabarti as saying the transaction will deepen the local-currency debt market and “have a strong demonstration effect on other international and local investors.”

Advisors: Sarwa and Banque Misr acted as lead managers, arrangers and co-underwriters for the issuance, while our friends at ALC acted as legal advisor.