Cairo – Mubasher: The National Bank of Egypt (NBE) announced the closure of a EGP 10 billion securitised bond issuance backed by a portfolio owned by the New Urban Communities Authority (NUCA).

This is the fourth bond issuance of El Taamir Securitisation Company, the securitisation special purpose company of NUCA, NBE’s vice chairman Yehia Aboul Fotouh said in a statement late on Tuesday

Proceeds from the issuance will be used to finance the development of new urban areas, including the new administrative capital and New Alamein City, Aboul Fotouh added.

The issuance, which is the largest local currency bond issuance in Egypt, consists of three tranches with three-, five-, and seven-year maturities worth EGP 2.6 billion, EGP 6.2 billion and EGP 1.2 billion, respectively.

The NBE, the Commercial International Bank – Egypt (CIB), the Arab African International Bank (AAIB), and the Housing and Development Bank (HDB) acted as financial advisors and lead arrangers for the transaction.

The European Bank for Reconstruction and Development (EBRD), Qatar National Bank AlAhli (QNB AlAhli), Attijariwafa Bank Egypt, and Suez Canal Bank took part in the issuance.