Sarwa close to concluding EGP 5 bn in securitized bond issuances

Consumer and structured-finance player Sarwa Capital is close to concluding two issuances of securitized bonds worth EGP 5 bn, Ayman El Sawy, managing director of Sarwa Promotion & Underwriting, told the local press. The company expects to offer EGP 4 bn in securitized bonds for the New Urban Communities Authority (NUCA) before the end of this month in collaboration with Banque Misr, as well as a EGP 1 bn issuance for real estate developer Palm Hills. The two issuances will bring the company’s securitized-bond portfolio to over EGP 20 bn. Sarwa, the first company granted the green light to issue sukuks, also aims to issue the sharia-compliant bonds in the coming year.

Correction: 12 September 2019

An earlier version of this story had incorrectly said Sarwa Capital is issuing EGP 2 bn of securitized bonds for Palm Hills. The correct figure is EGP 1 bn.