EFG Hermes has formed a consortium with CIB, National Bank of Egypt (NBE), and Arab African International Bank (AAIB) to compete for the management of a EGP 4.5 bn New Urban Communities Authority (NUCA) securitized bond issuance, Al Mal reported. NUCA will use capital raised from the issuance to proceed with its urban development plan, Deputy Housing Minister Khaled Abbas said. Baker McKenzie is also among those competing for the tender, sources close to the matter told Al Mal. Al Shorouk reported earlier this week that the authority has received offers from a consortium made up of Banque Misr and Sarwa Capital, while HSBC appears to also be in the running. NUCA is currently reviewing the offers and negotiations over whether the issuance will be guaranteed by the finance ministry are ongoing, the sources said.

Tags: