{"id":547163,"date":"2022-06-12T04:10:59","date_gmt":"2022-06-12T04:10:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/our-first-ever-future-flow-issuance-could-be-just-around-the-corner-rayas-aman-eyes-egp-500-650-mn-securitized-issuance\/"},"modified":"2022-06-12T04:10:59","modified_gmt":"2022-06-12T04:10:59","slug":"our-first-ever-future-flow-issuance-could-be-just-around-the-corner-rayas-aman-eyes-egp-500-650-mn-securitized-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/our-first-ever-future-flow-issuance-could-be-just-around-the-corner-rayas-aman-eyes-egp-500-650-mn-securitized-issuance\/","title":{"rendered":"Our first-ever future flow issuance could be just around the corner + Raya\u2019s Aman eyes EGP 500-650 mn securitized issuance"},"content":{"rendered":"

<\/a> CIRA could issue Egypt\u2019s first future flow securitized bonds next <\/strong>month: <\/strong>The Financial Regulatory Authority (FRA) has approved a program that would see EGX-listed private sector education outfit CIRA issue EGP 2 bn of future flow securitized bonds over three years, CIRA CEO Mohamed El Kalla told Enterprise. The first tranche will be worth EGP 800 mn, with the bonds sold at EGP 100 apiece, the company said in a disclosure to the EGX (pdf)<\/a> on Thursday.<\/p>\n

The sale could take place next month:<\/strong> \u201cWe\u2019re looking at a window of issuance sometime towards the end of July,\u201d El Kalla said.<\/p>\n

A quick recap: What exactly is future flow securitization?<\/strong> The debt instrument allows public or private service providers to raise capital by selling securitized bonds to investors using so-called \u201cfuture flows\u201d \u2014 the money they could reasonably expect to make at a future date \u2014 as collateral. We have more info in our recent explainer<\/a>.<\/p>\n

Funds from this first issuance will be used to cover CIRA\u2019s growth plans in the next three years<\/strong>, including expanding its university and K-12 offering, said El Kalla. CIRA is looking to open three new schools<\/a> at the beginning of the coming school year in September \u2014 two in Sixth of October\u2019s Cosmic Village and one in Qena \u2014 and to establish an international school in Assiut that will open in 2024. It\u2019s also partnering with<\/a> privately-owned investment company Elsewedy Capital Holding to build and run a private university in New Damietta, and plans to launch Egypt\u2019s first private sector technical college<\/a> in September 2023.<\/p>\n

What this says about the business of education in Egypt: <\/strong>\u201cThe fact that the FRA is moving ahead with this as the first securitized bond issuance is a reflection of how education is being seen more and more as a key industry in the country,\u201d El Kalla said.<\/p>\n

More future flows in future? <\/strong>Contact Financial Holding is also in talks with the FRA to securitize future flows in 2H 2022 on behalf of \u201cone of the largest corporate firms in Egypt,\u201d CFO Ayman Elsawy told Enterprise<\/a> earlier this year.<\/p>\n

Advisors:<\/strong> EFG Hermes are financial advisors on the transaction, Zulficar & Partners are legal counsel, and PWC are auditors, El Kalla told Enterprise.<\/p>\n

IN OTHER DEBT NEWS- <\/strong><\/p>\n

R<\/strong>aya subsidiary Aman plans to issue securitized bonds w<\/strong>orth EGP 500-65<\/strong>0 <\/strong>mn <\/strong>to finance its medium and long-term activities, Raya Holding announced in an EGX disclosure (pdf)<\/a>. Raya is also considering a sukuk issuance program soon to fund small and medium sized enterprises (SMEs), as well as credit facilities worth EGP 500-700 mn to fund its consumer finance activity, the statement said. The company did not disclose an expected timeline for the issuances.<\/p>\n

This would be Aman\u2019s fourth round of securitization: <\/strong>Aman sold EGP 1.65 bn of securitized bonds across three issuances between 2019 and 2021, according to the disclosure.<\/p>\n

Securitization SPV coming soon:<\/strong> The company is still finalizing procedures<\/a> with the Financial Regulatory Authority for its new special purpose vehicle for bond issuances, Aman Securitization, the statement said.<\/p>\n

Raya Holding looks to issue securitized bonds worth a total of EGP 2 bn this year<\/strong> for several of its subsidiaries, CFO Hossam Hussein said in February.<\/p>\n","protected":false},"excerpt":{"rendered":"

CIRA could issue Egypt\u2019s first future flow securitized bonds next month: The Financial Regulatory Authority (FRA) has approved a program that would see EGX-listed private sector education outfit CIRA issue EGP 2 bn of future flow securitized bonds over three years, CIRA CEO Mohamed El Kalla told Enterprise. The first tranche will be worth EGP […]<\/p>\n","protected":false},"author":1,"featured_media":547164,"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":[616,402,88,72,76,619,614,85],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-aman-financial-services","tag-cira-education","tag-debt-watch","tag-enterpriseam","tag-financial-regulatory-authority","tag-mohamed-el-kalla","tag-raya-holding","tag-securitization","wpautop","entry"],"acf":{"mongo_id":"f78500b4-13c4-4259-8aa7-be70e7514995","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/226.jpg","photo_position":"above","related_issue":[547157],"teaser":"","voice_url":""},"yoast_head":"\nOur first-ever future flow issuance could be just around the corner + Raya\u2019s Aman eyes EGP 500-650 mn securitized issuance - 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\/06\/12\/our-first-ever-future-flow-issuance-could-be-just-around-the-corner-rayas-aman-eyes-egp-500-650-mn-securitized-issuance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Our first-ever future flow issuance could be just around the corner + Raya\u2019s Aman eyes EGP 500-650 mn securitized issuance\" \/>\n<meta property=\"og:description\" content=\"CIRA could issue Egypt\u2019s first future flow securitized bonds next month: The Financial Regulatory Authority (FRA) has approved a program that would see EGX-listed private sector education outfit CIRA issue EGP 2 bn of future flow securitized bonds over three years, CIRA CEO Mohamed El Kalla told Enterprise. 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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":555495,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/16\/cira-to-borrow-egp-375-mn-for-capex-spending-egylease-closes-securitized-bond-issuance\/","url_meta":{"origin":547163,"position":1},"title":"CIRA to borrow EGP 375 mn for capex spending + EgyLease closes securitized bond issuance","author":"enterpriseam admin","date":"16 November 2021","format":false,"excerpt":"EGX-listed education outfit CIRA is borrowing EGP 375 mn from Ahli United Bank to finance fresh investments, the company said in a regulatory filing (pdf) yesterday. The company\u2019s board greenlit the decision earlier this week, the disclosure says. No further details or information were provided in the disclosure and a\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\/internal\/536550.png?resize=350%2C200&ssl=1","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":547163,"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":547163,"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":591520,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/09\/cira-plans-egp-2-bn-in-new-investment-fresh-securitization-program\/","url_meta":{"origin":547163,"position":4},"title":"CIRA plans EGP 2 bn in new investment, fresh securitization program","author":"enterpriseam admin","date":"9 December 2019","format":false,"excerpt":"INVESTMENT WATCH- CIRA plans EGP 2 bn in new investment, fresh securitization program: EGX-listed education business CIRA will invest more than EGP 2 bn to develop several ongoing and future projects and will turn to a securitized bond issuance as part of its financing plans, CEO Mohamed El Kalla tells\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/12\/329.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547778,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/06\/cira-moves-one-step-closer-to-future-flow-securities\/","url_meta":{"origin":547163,"position":5},"title":"CIRA moves one step closer to future flow securities","author":"enterpriseam admin","date":"6 July 2022","format":false,"excerpt":"CIRA shareholders greenlight future flow securitization: Shareholders of EGX-listed education provider CIRA have approved the company\u2019s plans for a EGP 2 bn future flow securitization program, moving it a step closer to debuting the asset-backed securities in Egypt, it said in an EGX disclosure (pdf) on Monday. 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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547163","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=547163"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547163\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547157"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547164"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547163"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547163"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}