Cairo – Mubasher: The Commercial International Bank-Egypt (CIB), in collaboration with the National Bank of Egypt (NBE), has successfully closed El Taamir Securitization Company’s seventh bond issue with a value of EGP 20 billion.

The bond issue is backed by a financial rights portfolio owned by the New Urban Communities Authority (NUCA), according to a recent statement.

The issuance, the largest securitisation bond issuance in Egypt’s debt capital market history, will be used by NUCA in the development of new urban areas and fourth-generation cities, including the New Administrative Capital (NAC) and the New Alamein City.

The bonds were issued in five tranches; a one-year tranche worth EGP 1 billion, a three-year- tranche worth EGP 2.90 billion, a five-year tranche worth EGP 3.80 billion, a seven-year tranche worth EGP 6.60 billion, and a nine-year tranche worth EGP 5.70 billion.