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Thursday, 16 July 2020

FRA approves NUCA’s EGP 10 bn securitized bond issuance

DEBT WATCH- FRA green-lights NUCA bond offering: The Financial Regulatory Authority (FRA) has approved the New Urban Communities Authority’s EGP 10 bn securitized bond issuance, Hapi Journal reports, citing unnamed authority sources. The three-tranche issuance will be comprised of a EGP 2.6 bn, three-year offering, a EGP 6.2 bn, five-year offering, and a EGP 1.2 bn, seven-year offering. The National Bank of Egypt (NBE), CIB, the Arab African International Bank and the Housing and Development Bank will manage the issuance, with NBE acting as the lead arranger. Dreny & Partners is providing legal counsel on the issuance.

Correction: 19 July 2020

A previous version of this story incorrectly named EFG Hermes among the issuance’s managers, and omitted the Housing and Development Bank. Dreny & Partners has also been included as legal counsel.

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