{"id":543137,"date":"2022-01-11T14:02:49","date_gmt":"2022-01-11T14:02:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/11\/this-evening-more-securitization-and-sukuk-come-our-way-were-waiting-on-updated-world-bank-projections-its-day-two-of-the-world-youth-forum\/"},"modified":"2022-01-11T14:02:49","modified_gmt":"2022-01-11T14:02:49","slug":"this-evening-more-securitization-and-sukuk-come-our-way-were-waiting-on-updated-world-bank-projections-its-day-two-of-the-world-youth-forum","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/11\/this-evening-more-securitization-and-sukuk-come-our-way-were-waiting-on-updated-world-bank-projections-its-day-two-of-the-world-youth-forum\/","title":{"rendered":"THIS EVENING: More securitization and sukuk come our way + We\u2019re waiting on updated World Bank projections + It\u2019s day two of the World Youth Forum"},"content":{"rendered":"

It\u2019s the debt and macro hump day,<\/strong> ladies and gentlemen, with local headlines dominated by securitization news.<\/p>\n

THE BIG STORIES TODAY-<\/strong><\/p>\n

<\/a> The debt market is heating up with new securitization transactions: <\/strong>Madinet Nasr Housing and Development (MNHD) has closed its first EGP 300 mn issuance as part of a three-year EGP 3 bn securitization program, according to a press release (pdf)<\/a> from our friends at EFG Hermes, who acted as sole advisors on the issuance. The three-tranche offering is backed by a receivables portfolio of EGP 373.9 mn.<\/p>\n

Meanwhile, <\/strong>Al Oula<\/a><\/strong> is also looking to tap the securitization market with a EGP 900 mn issuance in 1H2022<\/strong>, Al Mal<\/a> quotes Managing Director and Vice Chairperson Ayman Abdel Hamid as saying.<\/p>\n

\u2026And sukuks: <\/strong>Palm Hills Developments (PHD) is also looking to close a EGP 3 bn sukuk sale this quarter through Contact Financial Holdings\u2019(formerly Sarwa Capital) sukuk arm, Sarwa Promoting and Underwriting head Ayman Elsawy tells Enterprise, confirming a story that came out today in Al Borsa<\/a>.<\/p>\n

FOR TONIGHT-<\/strong><\/p>\n

<\/a> The World Bank will release its updated Egypt, MENA and global growth forecasts at 4:30pm Cairo time. <\/strong>The latest Global Economic Prospects report will primarily focus on the impact of Omicron to global growth. The World Bank previously upgraded Egypt\u2019s growth outlook<\/a> in October 2021, saying it expected our economy to grow 5.0% in FY2021-2022, up from the 3.3% in FY2020-2021.<\/p>\n

Fed chairman Jerome Powell\u2019s confirmation hearing in the US Senate\u2019s banking <\/strong>committee will take place tonight. <\/strong>Powell will likely face a grilling on how the Fed plans to combat inflation, when the planned interest rate hikes are expected, as well as whether he should have acted faster to put a lid on surging US inflation, the Wall Street Journal<\/a> reports.<\/p>\n

^^We\u2019ll have more<\/strong> on these stories and others in tomorrow\u2019s EnterpriseAM<\/strong>.<\/p>\n

** CATCH UP QUICK on the top stories from today\u2019s EnterpriseAM:<\/strong><\/p>\n