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Thursday, 15 October 2020

Banque Misr, Misr Capital are covering + guaranteeing Sarwa’s upcoming EGP 2.5 bn sukuk issuance

DEBT WATCH- Sarwa Capital’s upcoming EGP 2.5 bn corporate sukuk issuance will be covered and guaranteed by Banque Misr and Misr Capital, after the consumer- and structured-finance player signed an agreement with Banque Misr and its investment arm, according to an emailed statement. The issuance — which will be the second corporate issuance of the sharia-compliant bonds to hit the Egyptian market since the Financial Regulatory Authority published regulations for the bonds last year — is on track to go to market before the end of this month, said Ayman El Sawy, managing director of Sarwa Promotion & Underwriting. Sarwa’s single-tranche issuance will carry a seven-year tenor.

Advisors: Sarwa tapped ALC Alieldean Weshahi & Partners as legal counsel and KPMG Hazem Hassan as financial auditor for the issuance. Middle East Ratings and Investor Services (MERIS) will issue a rating on the offering.

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