New Urban Communities Authority prepares EGP 10 bn securitization process

The New Urban Communities Authority (NUCA) will issue another EGP 10 bn in securitized bonds before the end of 2019, sources told the local press. The National Bank of Egypt, CIB, the Arab African International Bank, and EFG Hermes are on board to manage the issuance, and the authority is in talks with the European Bank for Reconstruction and Development to join. NUCA is awaiting a guarantee from the Finance Ministry that should be issued next month, before signing with the banks managing the operation. The authority offered EGP 6 bn of securitized bonds in July, which were fully covered by three local banks.