DEBT WATCH- Raya bondholders agree to return EGP 200 mn of asset-backed securities, allowing re-issuance at lower interest: CIB, the National Bank of Egypt, and Attijariwafa Bank have agreed to return around EGP 200 mn remaining from the first tranche of Raya Holding’s EGP 500 mn securitized bond issuance to allow Raya to re-issue the securities at a lower interest rate, Al Mal reports, citing unnamed sources in the know. The securitized bonds, which Raya issued in October, had originally carried a 12.7% interest rate. Raya now wants to pay out 10.5% following the Central Bank of Egypt’s 300 bps interest rate cut in March.

Raya bumps up issuance: Al Mal’s sources said that Raya is now expected to reissue EGP 850 mn of the asset-backed securities, rather than EGP 700 mn as the company announced last month. The revised offering will include the outstanding EGP 200 mn and a new EGP 650 mn tranche, up from EGP 500 mn originally planned by the company. The issuance should be complete within two months at most, according to the sources.