DEBT WATCH- The fourth tranche of Al Taamir’s EGP 10 bn securitized bond issuance has been listed on the EGX, according to an EGX disclosure (pdf). Al Taamir is a special purpose vehicle set up by the New Urban Communities Authority (NUCA), and proceeds from the issuance will be put towards financing the development of new urban areas including the new administrative capital and New El Alamein.

Background: The issuance reportedly includes five tranches backed by a EGP 6 bn receivables portfolio held by NUCA, making the issuance the largest ever securitized offering in Egypt. The first tranche was issued in 2019 and valued at EGP 2.6bn, followed by the second tranche valued at EGP 6.2bn, and the third valued at EGP 1.2bn. The bonds carry terms of three, five, and seven years respectively.