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Tuesday, 1 September 2020

Raya denies its subsidiary is issuing green bonds

Raya denies its subsidiary is issuing green bonds: Neither Raya Holdings nor its recycling subsidiary BariQ have filed for Financial Regulatory Authority approval to issue green bonds, the Raya said in a regulatory filing (pdf). The disclosure comes as a surprise after repeated reports in the domestic press that BariQ not only sought the FRA approval for EUR 40 mn green bonds, but had actually received it earlier this week to take them to market by early 2021.

The only other private green bond issuance we know of is CIB’s: Our friends at CIB have been working with the International Finance Corporation (IFC) to issue Egypt’s first green bonds through a private placement this quarter, Heba Abdellatif, head of debt capital markets at CIB, told Enterprise in June. The government, meanwhile, has been working to issue up to USD 500 mn worth of green bonds in FY2020-2021, Assistant Finance Minister for Debt Khaled Abdel Rahman told us.

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