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Thursday, 23 April 2020

Raya aims to reissue EGP 700 mn in securitized bonds

DEBT WATCH- Raya looks to re-issue asset-backed securities with lower interest following CBE cuts: Raya Holding is looking to recover EGP 500 mn in securitized bonds it issued in October, Al Mal reports, citing unnamed informed sources. The company has called on the bond holders — CIB, the National Bank of Egypt (NBE), and Attijariwafa Bank — to consider relinquishing the remainder of the first tranche of the issuance, estimated at EGP 200 mn. Raya is seeking to capitalize on the CBE’s 300 bps interest rate cut, and pay out a 10.5% return instead of the original c.13%, the sources said. Raya aims to reissue a EGP 700 mn tranche, which includes the outstanding EGP 200 mn and a new EGP 500 mn tranche, in two months, the sources added.

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