{"id":546528,"date":"2022-05-19T04:00:03","date_gmt":"2022-05-19T04:00:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/19\/cira-could-be-the-first-to-tap-the-future-flow-securitization-market\/"},"modified":"2022-05-19T04:00:03","modified_gmt":"2022-05-19T04:00:03","slug":"cira-could-be-the-first-to-tap-the-future-flow-securitization-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/19\/cira-could-be-the-first-to-tap-the-future-flow-securitization-market\/","title":{"rendered":"CIRA could be the first to tap the future flow securitization market"},"content":{"rendered":"

<\/a> CI<\/strong>RA could issue Egypt\u2019s first future flow securities:<\/strong> EGX-listed private sector education outfit CIRA is in talks with the Financial Regulatory Authority (FRA) to issue EGP 1.5 bn worth of future flow securities, a source with first-hand knowledge of the transaction told Enterprise yesterday. The securities will be backed by receivables from the company\u2019s educational services. The company could take the issuance to market within four months, the source said, adding that talks remain at an early stage.<\/p>\n

Advisors:<\/strong> EFG Hermes is financial advisor for the issuance, while Zulficar and Partners is acting as legal advisor.<\/p>\n

Wait, what\u2019s future flow securitization again? <\/strong>Future flow securitization differs from traditional securitization<\/a> in that it allows the securitization of payments that aren\u2019t yet on the company\u2019s balance sheet, giving companies access to liquidity without needing a big portfolio of accounts receivables (think: home and car financing, leasing portfolios and the like). Future income \u2014 whether from club memberships, phone bills, utility payments, tuition fees or rents \u2014 is packaged into securities and offered to investors to raise capital. This gives public- and private-sector companies such as utilities providers, healthcare companies, telecom players, and education outfits a new way to access liquidity.<\/p>\n

Contact Financial Holding is also in the running to be the first in the country to securitize future flows<\/strong> on behalf of \u201cone of the largest corporate firms in Egypt,\u201d CFO Ayman Elsawy told us<\/a> earlier this year. The company is expected to issue the securities in 2H 2022, he said. Contact Financial (formerly Sarwa Capital) was also responsible for Palm Hills Developments\u2019 maiden sukuk issuance<\/a> earlier this year.<\/p>\n

Background: <\/strong>Amendments to the Capital Markets Act that introduce future flow securitization were signed into law<\/a> in March, after the FRA approved the instruments for use last May<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

CIRA could issue Egypt\u2019s first future flow securities: EGX-listed private sector education outfit CIRA is in talks with the Financial Regulatory Authority (FRA) to issue EGP 1.5 bn worth of future flow securities, a source with first-hand knowledge of the transaction told Enterprise yesterday. The securities will be backed by receivables from the company\u2019s educational […]<\/p>\n","protected":false},"author":1,"featured_media":546529,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[402,7106,88,73,72,85],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-cira-education","tag-debt","tag-debt-watch","tag-education","tag-enterpriseam","tag-securitization","wpautop","entry"],"acf":{"mongo_id":"d6caeade-4bb7-4f3a-ac0c-882a12c4f070","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/249.jpg","photo_position":"above","related_issue":[546522],"teaser":"","voice_url":""},"yoast_head":"\nCIRA could be the first to tap the future flow securitization market - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/19\/cira-could-be-the-first-to-tap-the-future-flow-securitization-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CIRA could be the first to tap the future flow securitization market\" \/>\n<meta property=\"og:description\" content=\"CIRA could issue Egypt\u2019s first future flow securities: EGX-listed private sector education outfit CIRA is in talks with the Financial Regulatory Authority (FRA) to issue EGP 1.5 bn worth of future flow securities, a source with first-hand knowledge of the transaction told Enterprise yesterday. 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At a general\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/137.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548172,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/28\/ciras-maiden-future-flow-bond-issuance-could-close-next-month\/","url_meta":{"origin":546528,"position":1},"title":"CIRA\u2019s maiden future flow bond issuance could close next month","author":"enterpriseam admin","date":"28 July 2022","format":false,"excerpt":"It\u2019s official: CIRA\u2019s future flow securitization program has gotten the nod from the Financial Regulatory Authority (FRA), which has given EFG Hermes the final go-ahead to take EGX-listed education provider CIRA\u2019s planned EGP 800 mn issuance to market. The offering is Egypt\u2019s first-ever future flow securitization, CIRA and the regulator\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/305.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577027,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/we-finally-got-our-first-future-flow-issuance-courtesy-of-cira\/","url_meta":{"origin":546528,"position":2},"title":"We finally got our first future flow issuance, courtesy of CIRA","author":"enterpriseam admin","date":"7 November 2022","format":false,"excerpt":"CIRA Education closes Egypt\u2019s maiden EGP 800 mn future flow securitization issuance: EGX-listed education provider CIRA Education has closed its maiden EGP 800 mn future flow issuance as part of a larger EGP 2 bn future flow securitized bond program, the company said in a statement (pdf) yesterday. The full\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/110.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":609201,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/01\/efg-hermes-closes-ciras-second-future-flow-issuance\/","url_meta":{"origin":546528,"position":3},"title":"EFG Hermes closes CIRA\u2019s second future flow issuance","author":"enterpriseam admin","date":"1 November 2023","format":false,"excerpt":"The issuance is part of a larger EGP 2 bn future flow securitized bond program","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/5.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590449,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/19\/talaat-moustafa-plans-egp-500-mn-future-flow-securitization\/","url_meta":{"origin":546528,"position":4},"title":"Talaat Moustafa plans EGP 500 mn future flow securitization","author":"enterpriseam admin","date":"19 July 2023","format":false,"excerpt":"This would be the second future flow issuance in Egypt","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/770.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578749,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/te-could-get-in-on-future-flows\/","url_meta":{"origin":546528,"position":5},"title":"TE could get in on future flows","author":"enterpriseam admin","date":"12 January 2023","format":false,"excerpt":"Telecom Egypt is looking at future flow securities as a potential debt tool to help fund its expansions and investments, a source close to the matter confirmed to Enterprise. The company is considering future flows along with other types of securities, and has yet to decide on the value of\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/193.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546528","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546528"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546528\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546522"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546529"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546528"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546528"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}