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Wednesday, 22 July 2020

NUCA closes EGP 10 bn securitized bond issuance

DEBT WATCH- NUCA closes EGP 10 bn securitized bond offering: The New Urban Communities Authority has closed its three-tranche, EGP 10 bn securitized bond issuance, Al Mal reports. The issuance was the largest of its kind in Egypt; proceeds are earmarked to finance development of new urban areas including the new administrative capital and New El Alamein. The European Bank for Reconstruction and Development (EBRD), Qatar National Bank, Attijariwafa and Suez Canal Bank all participated in the issuance.

About the issuance: The three-tranche issuance is 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 bonds are backed by EGP 10 bn of receivables from private sector real estate developers. CIB, the National Bank of Egypt, AAIB and the Housing and Development Bank are financial advisors and lead arranger for the transaction. Dreny & Partners was legal counsel.

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