NUCA closes another EGP 15 bn securitized bond issuance

Good afternoon friends, and happy hump day. We can see the weekend over the horizon at this midway point of this busy news week.

THE BIG STORY TODAY

NUCA closes another massive securitization: The New Urban Communities Authority (NUCA) has closed a EGP 15 bn securitized bond issuance, according to astatement(pdf) from Al Ahly Pharos, which acted as NUCA’s financial advisor alongside CIB and CI Capital. The issuance rounds out NUCA’s EGP 30 bn securitization program, following another EGP 15 bn issuance in July.

THE BIG STORY ABROAD

There’s a mixed bag of headlines leading the international press this afternoon. As we noted this morning, the Israel-Hamas truce was extended by 48 hours, with US Secretary of State Antony Blinken set to visit Israel, the West Bank, and the UAE this week (27 November-2 December 2) according to a US State Department public schedule that does not specify the exact dates for each destination. Meanwhile, CIA Director William J. Burns arrived in Qatar today to meet with Qatar’s prime minister and Israel’s spy chief, with the goals of broadening hostage releases to include men and military personnel, extending the pause in consideration of Israel’s demand of at least 10 people per each day of extension, and the immediate release of American hostages. (Bloomberg | Associated Press | Wall Street Journal)

IN THE BUSINESS PRESS- Hedge fund titan Ray Dalio hailed the “renaissance states” of the Gulf as highly promising for investors, reports CNBC. Barclays is toying with the idea of dropping thousands of investment banking clients as part of “Project Minerva,” a restructuring plan that is meant to boost net income and cut down on GBP 1 bn of costs, says the Financial Times, with an official announcement expected in February. Currently, Barclays is valued amongst the cheapest of any major global bank and shares are almost the lowest they’ve been since the pandemic.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Hamas and Israel have agreed to extend the four-day ceasefire by 48 hours under a pact brokered by Egypt, Qatar, and the US. The truce was scheduled to expire this morning but will now last through to Thursday after Hamas agreed to release more hostages. The extended truce will allow for the entry of more aid into Gaza.
• Qalaa Holdings subsidiary Egyptian Refining Company (ERC) is planning to invest USD 150 mn to ramp up production levels by 10% over the next three years.
• Al Ahly Leasing and Factoring has raised EGP 1.1 bn in a securitized bond issuance that closed yesterday.

☀️ TOMORROW’S WEATHER- A sunny day with a high of 24°C during the daytime and dropping to a cooler 15°C in the evening, our favorite weather app tells us.