Cairo – Mubasher: CI Capital Holding for Financial Investments concluded an EGP 15 billion securitised bond issuance on behalf of Al Taamir Securitization, the originator of the New Urban Communities Authority (NUCA).

CI Capital highlighted that the transaction is considered one of the largest securitised bond issuances in the Egyptian market’s history, according to a recent press release.

The issuance includes four tranches; with the first offering valued at EGP 1.26 billion. Granted a Prime 1 rating, the highest from Middle East Ratings and Investor Services (MERIS), the issue holds a tenor of 12 months.

Meanwhile, the second tranche stood at EGP 3.93 billion and will mature in 36 months, with an AA rating.

The third tranche, which received a rating of AA-, was valued at EGP 4.82 billion, carrying a 60-month tenor.

With a rating of A-, the fourth offering amounted to EGP 4.98 billion, holding a tenor of 79 months.

This transaction marks the second issuance concluded by CI Capital for NUCA in 2023, following a nearly EGP 15 billion securitised bond issuance last July.

In this regard, the demand generated by both issuances totalled around EGP 30 billion.

Amr Helal, CEO of the Investment Bank “Sell-side” at CI Capital, noted: “This issuance marks the sixteenth consecutive transaction concluded by CI Capital since the beginning of the year, having advised on ECM, DCM, and M&A transactions with an aggregate value exceeding EGP 53 billion.”

Mohamed Abbas, head of DCM at CI Capital, indicated: “The Egyptian market witnessed increased activity in Egyptian debt capital markets, having increased 77% year-on-year in aggregate deal value to cross EGP 69 billion as of today.”

CI Capital, Ahly Pharos, and the Commercial International Bank-Egypt (CIB) acted as financial advisers, issuance managers, and lead arrangers in the issuance.

Baker Tilly acted as the issue’s financial auditor, while Dreny and Partners acted as the legal advisor.

As of 30 June 2023, the EGX-listed company logged higher consolidated net profits after tax at EGP 532 million, compared to EGP 366.36 million a year earlier, including minority interest.